that was 'old school.' the new school is to maximize your time on repertoire because you aren't going for so much finger independence - but working it all together. it used to be that all the fingers were required to work independently. perhaps it is still necessary on some of bach's works - but the dexterity needed in liszt is much different. you are looking to basically relax and find uniquely hand/arm patterned situations which give the 'illusion' of all this independence. when you find something comfortable - it's because your arm and hand have found a comfortable spot. anywhere on the keyboard should become comfortable. not only with fingering - but also with hand and arm positioning. if your arm is relaxed - you can literally reach up or down the keyboard in any direction. you have to sit far enough back so that your body is not in the way. and, once you connect all the dots - it's much different than playing beethoven. liszt is sort of like jumping crevaces in mountainclimbing. you have many things to connect together. many ideas and many virtuosic things. first of all - you have to be able to play the 'sections.' then, you find ways to make the connecting parts smooth. some of this is fingering. some of it is using lh and rh in ways that help the speed. and, to think of your arms when you move your fingers so that the fingers can be comfortable wherever they are.
to minimize overpractice - i've heard it said that people should practice at the fastest slow speed they have - not the slowest slow speed. then, it saves about 3 days of practice to work it up to speed. this means you have to work out the rhythms in your head precisely.