Get it playing correctly first. That means electrics. Work out any strange bugs, then move on to the fun of cleaning and polishing it. Flipper rebuilds are the "go between" though, because I only want to pull them once. So I will do most of the mech, but not finish it off until the game is ready to go on the topside.
But like most people seem to be saying, it is just a preference. There is no right or wrong answer.