O.K. I might have missed something, but for me the whole purpose of learning to play guitar is creating songs. Being a math student I can tell you that theory does you no good if you have no examples to study. Whether you're playing in a band or just composing and recording music, your final product will be a song of some kind. Learning strictly theory is pointless because the goal is to use it to create songs. This works both ways : learning only songs gives you no knowledge of the principles behind it, which are general for all songs. I've been playing in both cover and original bands, and learning theory simultaneously, going : "Sooo it's the dim chords and arpeggios that I was playing in Malmsteen songs (or trying to play)!". The answer, as for all dilemmas in life is simple : BALANCE!

P.S. Try learning songs by ear first, and then check the tabs. It's THE best way.