I have flown all the way through my ATPL studies. Hit the books Sun-Fri and fly on Sat is the way I have done it. I have even done a night and IMC rating in that time without much problem. It does remind me why I am doing all that hard slog with the books and I have found the practical learning has helped with the theory side of things. I passed all Mod 1 first time and am about to sit Mod 2 so yes it has worked for me.
Good luck whatever you decide.