After going into Scheduled Tasks, I saw that there is already a scheduled task setup by MS. It stated that it was to be run at 12am (but did not specify to be repeated) and to be run if a scheduled task was missed (in this case the computer might have been off at 12am and woke at 4:25??).
Also it was specified to run at startup (w/ 30 minutes delay). As a test which I will observe over the next few days, I removed my vbs startup script, kept MS's default scheduled time task and changed the repeat task option to every 4 hours, changing the duration to indefinitely. My computer is pretty fast so the frequent system restore points will not affect my performance and I will keep my nightly backups to an external drive as a daily backup. (just thought, I will see if I can automatically disable the backups though if I am gaming).
Again, this is to address the fact that MS's great integration of restore previous versions doesn't save earlier copies whenever there is a change to the file but only when an event (backup or system restore point) triggers versioning. That would be a nice change if they did integrate that.
(Good thing I copied my text before I was timed out to post the update!)
Visual of Windows 7, default Scheduled System Restore and modified