Not that I'm a pro or anything (yeah, just shot down my own insight, didn't I?), but I have been playing the instrument for 22+ years. The best recommendation I could give to somebody is to break up their study sessions into intervals. Start with warm ups (as per Petrucci), then spend some time working on technique (as per Petrucci and Gilbert both). But additional time should be added to learn music theory, at least from the basics upward, and ear training. What I wouldn't give to go back in time to the start to develop my ear rather than take the easy way out with magazines. Focus is key, though it may lead to burn out. To avoid burn out, throw in a session of ripping every once in a while.
I have the technique to play nearly anything, and the theory to be dangerous (though little time to apply), but my ear is so far behind I would have to call myself a beginner-level guitar player.
So, I would look at your time spent as a wholistic approach. All aspects should be addressed, somewhat equally, to reap the most rewards from "practicing" music.
With a well developed ear and a good theory background, you can play some crazy stuff that will still rip heads; but, with only technique to fall back on, you may stun people in person but your recordings won't stand up much to the ears of discerning listeners.