I like your analogy, but of course I might be biased :)
I think spending a lot of time getting the particular left hand fingering of Breaking the Law right is the equivalent of having a real code project to work on that will turn a taking a class about code into some actual coding work experience.
In other words, it is the right thing to do. Find something that interests you enough so that you won't mind burning lots of time on it. Doing exercises is great, but a song that captures your interest will teach you to master a technique instead of just understanding it.
And Razbo, didn't you mean:
White Space
Is
Your Friend
:)
Have fun.
Jon