This is a good way to do it for some, myself included with the shop truck. Pro's are the truck is kept running and not a abandoned project. Cons you might miss a few spots , you will wind up doing some taskes several times over, like removing and reinstalling sheet metal. (Good practice for the final assembley) If you sell before it is totaly completed it will be worth far more as a complete running truck than apart.
If you have the space, money and time (more money reqires less time on your part) Strip it to the frame and just do it. If you lack time money or space. alittle at a time, keep it running is a good approach.