Alot depends on your skill level with the specific database product that you're going to use. Think of it as the difference between a "manual" and "automatic" transmission car. ORMs provide you with that "automatic" transmission, just start designing your classes, and let the ORM worry about getting it stored into the database somehow.
Sounds good. The problem with most ORMs is that in their quest to be PI "persistence ignorant", they often don't take advantage of specific database features that can provide elegant solutions for a given task. Notice, I didn't say ALL ORMs, just most.
My take is to design the conceptual data model first yourself. Then you can go in either direction, up towards the application space, or down towards the physical database. But remember, only YOU know if it's more advantageous to use a view instead of a table, should you normalize or de-normalize a table, what non-clustered index(es) make sense with this table, is a natural or surrogate key more appropriate for this table, etc... Of course, if you feel that these questions are beyond your grasp, then let the ORM help you out.
One more thing, you really need to seperate the application design from the database design. They are almost never the same. How important is that data? Could another application be designed to use that data? It's a lot easier to refactor an application than it is to refactor a database with a billion rows of data spread across thousands of tables.