Also, I would argue that if you really want the benefit of transcribing, don't write it down until you have memorized whatever chunk you are transcribing - the act of memorizing it and learning it solely by ear is where the real value is.
On the other hand, this is not a good way to learn technique or the fretboard, as the easy keys will be vastly overrepresented, and you don't need to know where you are. That's a challenge that's almost unique to guitar and bass, and getting over that hump requires learning material by note name (whether from scores, tabs, or just chord symbols).
(my bonafides: 35 years playing, gig on sax, bass, piano, and percussion, currently doing an interdisciplinary PhD in music and CS, and running a jazz club night where I perform weekly)