Practicing on the guitar should not even be looked at in such a complicated manner, especially when practicing technique. There are lots of exercises and a lot of things you can do to get better, yet there is so much, it would be impossible to practice it all in one day. So, the question? What do you start with first? The first thing that you have to realize is that all of these technique exercises are just ideas to practice what should be the main goal on the guitar, namely to do just about anything on it... So even moving a finger from one string to the next is considered practicing technique. (My teacher always told me, technique is the distance between two points. Playing the guitar is simple, just arrive in the most efficient manner from point A to point B)
Yet, if you really would like to practice efficiently, try to do exercises that are not just repetitive and boring, try to train your mind as well, trying to say the notes as you play them, or the chords.
Personally, I would do a technical exercise until I have mastered it and move on to another. Of course, this process can never end. Not only are there a million combinations of movements on the guitar that can be practiced, but also reviewed. That is what makes the guitar so challenging. Just pick out something, play it till you can do it and pick something else out. But don't forget, learn little by little, and don't forget to have fun doing it!!