Deb, I think that's a very good routine. I did something similar when I was attending my courses: each lesson had some theory and the notes to a song that applied the theory, and we had to learn both for the following week.
I kept up my scales and 7th chords etc. for a while after I finished attending the courses, but now I tend to spend most of my time finding the basslines to my favourite songs by ear, jotting them down in chord charts and similar, and then playing along to records, all of which I absolutely love doing.
I try to play bass (all types - guitar, upright and acoustic, although usually not on the same day!) for at least half an hour a day, but preferably longer if I'm not snowed under with work or going out in the evening.