I'll start with the last sentence there: Dead stuff on the ground doesn't hamper new growth. If anything, it makes it more difficult for the giant rats (deer) to get in there to eat it.
As for the logging...I'm not trying to dissuade you from logging, just trying to make sure you are well-informed (as much as I can on an internet forum!). One hitch I see with your description: Who gets to define "GOOD" for the standing trees? I've seen those situations before... "Good" for them is "bad" for you. Hope that is not the road you are headed down. You haven't said anything specific that makes me suspicious, I've just been hearing it for 20 years from hundreds of landowners both before and after the harvest.
Example: Below is one picture I took last winter in a woods that was marked by a timber buyer who has a 2 year forestry degree and tells landowners that he is managing their woodlands by taking out the bad trees and leaving the good to grow. ("We specialize in selective harvesting of mature timber to ensure a future crop for generations to come.") All of the red oak you see in this picture are just about the same diameter (within an inch or two). It shouldn't take a forester to see the problem here - and this is very typical of the stuff they have been doing for decades - the kid isn't applying anything they tried to teach him in school...just following the junk his dad did before him.
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On top of poor management, this company (Taylor Creek Timber in Kenton, Ohio - just in case anybody is considering!) does not pay well. I've seen plenty of sales that are marked better by a real forester (better grade trees left/low grade trees taken) where the final bid doubles up what they offered. Could be tripled or more if high-graded as they marked it and sold through a good bidding process.