There are about as many opinions about kanji studying as there are kanji studiers, but I will give mine.
First of all, 'multiple kanji words' are usually called 'compounds' (in Japanese: jukugo, 熟語).
I think the change to your approach that you are considering is not a bad idea. However, when learning a new kanji for the first time, I think it is useful to be exposed to some of the more common compound words that use the character. These don't have to be rigorously memorized at this time, but it is good to at least see them, to gain familiarity with how the character is typically used in compound words. For that reason, I would still recommend looking at some compounds as you learn a new kanji, but you don't need to memorize them. This shouldn't require so much time, and will allow you to meet your 14 characters per day goal. Also, for the characters that don't have a kun reading in common use (i.e., on-only characters), which increase in number as you get to higher levels, it might be hard to learn the character without at least looking at a few compound words.
A few other comments:
Please realize that being 'done with the kanji' is not something easily accomplished, as it will most likely require some repetition over time to comfortably remember the characters, if you are like most people. Also, be aware that, assuming you are studying the characters in an order similar to that of Japanese schoolchildren, some of the higher-level characters are harder to remember than the lower-level ones, as they are used in more advanced words, and tend to have more complicated and diverse meanings.
One of the keys to mastering kanji is to be able to confidently recognize a character when you see it, and to be able to clearly distinguish it from similar-looking characters. This gets significantly more challenging as you learn more characters, so, again, repetition will be an important key to studying.
Most kanji learners recommend using some kind of spaced repetition system (SRS) to assist in learning kanji. Popular SRS's include anki and memrise (both are software-based). You can find online various character sets that have been created and shared by other learners, and may even be able to find sets that are synced up with the book you are using to study.