Theory is important and helpful, but don't let it get in the way of learning songs and enjoying playing the guitar.

Think of theory as another tool, like knowing scales is a tool, and knowing a strumming pattern is a tool. Until you have a *need* for the tool (theory), getting bogged down in understanding it will not help you.

My approach has been to work on all of these things in parallell. I'll work on new songs and solos as my main focus for a while (a few months). Then I'll go back to focusing more on learning the notes on the fretboard, understanding scales, etc.

Also, you need to decide what your goals are. Do you want to expand your repertiore of songs? Do you want to write your own songs? Do you want to add embelishments to songs you know? Improvise solos? Answering these questions (and others you can think of) will help you determine what you should focus on and get out of your rut.