I wouldn't do any 4wding until its all complete. You'll end up snapping a height sensor with the extra travel you'll get!
Other than that it seems a solid plan - after having done it all, and made/making changes as I go, I could recommend your way as being the sensible option.
I did the height sensors first, nothing wrong with that except I can't hit the bump stops due to teething issues, then I did spacers and shocks at the same time as each other.
Either way the vehicle is still driveable, that's the main thing!
Cheers
Keithy

