At first, player 1 is looking to get the dump to player 2. Player one should "stay with" player 2 for a couple of cuts and see if they can get open. If it looks like player 2 cannot get open. Player 1 will look for their next option: the ACE.
2 is covered on an upfield cut
2 is covered for a dishy cut
2 is covered when they try to go back to the open side. So at this point, it's probably best to start looking upfield to the ACE (if there's time).
1 makes eye contact with the ACE first and then throws to space either with an IO or around (this throw needs some touch, not laser). As this is happening, the last cutter in the stack at the time should be trying to set up a cut to continue off of the ACE cut to the breakside. Also-it is not necessary to look at the dump behind the disc first. It is just an option. Looking to break to the ACE first is just as viable an option so long as the thrower is comfortable breaking the mark to space with touch.