Less play more study?


It depends on you, really. I'd say play slow games regularly, preferably OTB, and analyze them carefully afterwards, perhaps with the help of stronger players and/or an engine.
I would guess that the answer depends, in part, on the sort of play that you have in mind when you refer to playing "a lot". If you are referring to lots of fast games, I think the prevailing opinion is that it is not a good idea to allow such activity to cause you to "barely" study and do tactics.