Well, I have not had much theory and now after many years of playing, I am not a musican. I know an extremely talented guitarist and very successful, I might add, that had an instructor that wouldn't let him bring a guitar to class for 2 years. He learned theory inside and out and can now play anything anytime. He can play all string instruments, piano, and others professionally.

I truly believe you need something in between. I think theory is a must, but you need to do a little playing at the same time. I am not too impressed with online lessons. I think anyone starting out today should have an instructor and one that teaches you theory along with the instrument. That's not to say you can't learn from online lessons. I just think you can do better with one on one instruction.

Kevin is correct to question what you intend to do. However, what we plan to do in life isn't always what we end up doing. Whether you play in the basement, on stage, in a band, or on the street corner, with theory under your belt, you won't be sorry.