I recommend both. Go through the subject books thoroughly, answer all the questions within the chapter, then do the 30 minute test. After checking your answers to the questions and figuring out why you missed them, review your weak areas within the chapter.
As for the 1001 series, the chem books and physics books are good if you start preparing at least 3-4 months before the MCAT. The questions are great and your understanding of the subjects will be the best it has ever been, but they are time consuming. With that said, I can't recommend the Bio 1001 book highly enough. That thing is awesome. It's loaded with passages and high-yield info as well. There are roughly 100 passages, and after going through that book I felt really confident about bio. It's a big reason why I got an 11 on BS. The Verbal 101 book is good too, just don't get too discouraged by the passages b/c a lot of the questions are just downright difficult, even moreso than on the real thing. But it is excellent prep nonetheless - helped me get a 10 on V.