I am really big on knowing which notes you are playing.  If you know the note names you can better understand how the specific thing you are practicing applies to the greater scheme of music.  Thats what music theory was created to do – just like words are written to describe sounds.  However, if you are thinking about too many things at once when you are practicing, it will actually slow you down.  That’s why I think that fingering before theory is important – start by learning how to do it and then start to apply the note names.  If you are having trouble playing a scale for example – ignore the note names and focus on the actual physical finger motions until you have it comfortably.  Once you can do this – then start to say the note names as you do it.  Works like a charm.