Definitely jam. Go to a blues jam where the folks are playing I, IV, V and force yourself to play in the ensemble, to hold the bottom and move the rhythm. You'll learn a lot by playing I-V on the beat and as you get comfortable, all of those iii, vii and VIs and arpeggios (spelling is not by strong suit) will start fitting in. I studied theory to play with others and have since taken advice from a great jazz bassist who said learn the theory for theory sake and then go play. All that theory allows you to really groove because you will play different and interesting lines without having to think. Your fingers will go there, your mind will hear new runs. Keep studying but play whatever music you can, country, rock, blues, anywhere where folks let you. Sometimes you'll suck. Then BAM, you'll be awesome. Then you'll suck again........