Tackling those grades - advice please

[coolpianoman]

I used to be a rock musician (nothing famous) but in the last 8 years I have been studying classical music – strictly to the notes and fingering lol. After a few duds I have a fantastic teacher and am making great progress – with some time and effort I could probably play most straightforward intermediate pieces although tend towards slower repertoire.  However, my sight reading is very poor and music theory patchy and incomplete.  I have been looking around for a project and have decided that after avoiding them like the plague I will take my grades.  I figure this would improve my sight reading and allow me to pick up pieces more quickly - more knowledge – less struggle.  It will also add to my practice periods as I do have the time.  I don’t want to disrupt my progress with my top dollar, top teacher who is also a long train journey away so am going to go to a teacher locally who I respect who no doubt will have lots of ideas how this task can be broken down and progressed.  Incidentally before anyone says it I have no illusions that passing grades will necessarily make me better musically but I have loads of that and am often complimented on my playing.
What thoughts and advice do those on here have for this grade passing project?   Any input much appreciated.