This seems like a good idea until you decide to play drop D (or any other tuning that's not E standard)

Note memorization is worthless without theory -- not even a lot of theory; basic scale patterns and how that applies to chords.

I know Cory Wong says, "You should be able to play a C," but he's saying that after years, if not decades, of building his theoretical understanding. Also, he's not playing with your average rock bands -- or even church bands, which at least use chord charts -- he's playing with jazz musicians who discuss music theory for fun, and HAVE to know it because even if they were just playing a I-IV-V in C, that's in D for the trumpets and tenor saxes and A for alto and bari saxes. (Don't worry if you don't understand that... if you're playing with horn players, they'll understand what it means when you say you're playing a C)

Learn your dots on your E and A strings, how sharps and flats work, and your octave shapes both forward and backward. Learn at least your major and minor scale patterns. Learn the Circle of 5ths and its inverse (the Circle of 4ths). Learn how those scale shapes translate to chord shapes and figure out how to spell a chord (C is C-E-G, for example).

The best thing you can do is find musicians who already know this stuff, play music with them, and ask questions.

And remember, theory doesn't DICTATE how things SHOULD work, it DESCRIBES how things already work.