It sounds like a logical way to do it, but what sort of time frame are you looking at for the entire ‘renovation’. Becuase if you are thinking months, you may well find bits are worn out before you get the new frame.
On that premise, and the fact that this bike is pretty much junk to you, I’d ride the drivetrain into the ground and not change that until you are set to get the new frame.
Forks, wheels and brakes will all last ages, so just upgrade in the area that you find most pressing tbh.. you may well find those three in particular are linked, so it’s probably worth doing the wheels first and getting the right hubs (disc ready, 20mm if you want Maxle etc..)
If anyone challenges above advice, discount it all immediately. I’m just a noob really tbh… 😛