I'm doing a distance learning from BristolGS, my main goal is understanding, and memorizing. The ATPL exam is just a proof of a knowledge level, which I think is much lower than what you really need to know to be a professional pilot. I take the opportunity of learning as much as I can now, to make the flying lessons easier. I don't really mind the exam, it is just a step.
Anyway, it seems that you need a paper from an authorized FTO to validate your ATPL...
Will