Yes and no....Yes because you'll think you learned the major scale, minor scale, a bunch of arpeggios, the modes ext. and still be crappy when you play...because even though you know them you don't know them, dig?
No because at least you'll have an understanding of a lot of things (and be able to recognize them and hence re-enforce them when you come across them in tunes).
So my advice would be get a general overview and then go back to step one and take each chord/scale one week at a time and drill it into your brain (this is the sucky part).
Unless your talking about learning a bunch of songs or something, to which I'd say more power to you, the more you learn the better, but you will forgot them if you don't play them.
EDIT: One more thing...Join a band as soon as you can, if you want to learn fast this is how...1 year in a band is = to 5 in the "bassment"