George, there are a few of us that are doing it the way you suggest at Newcastle. And one of the instructors there has done it this way. Is definately the easiest way to do it imho.
I'm currently enrolled on the Bristol Groundschool (
www.bristol.gs) distance learning ATPL's, and I never thought i'd get the motivation to do the course because I got so so bored reading the books for the PPL exams. But this course somehow is so well structured, lesson for lesson, week for week, that it seems to keep you interested and motivated.
The flying school at Newcastle as a facebook group, which is well worth joining.