Well, I'll somewhat alternate.
Because your HP only goes to 500-600 (can't remember exact) and your CP goes to 1600, it takes longer to level up your CP.
Due to this, I'll level up my HP once, and then level up my CP two or three times, before going back to HP once, and then leveling up CP two or three times, again. And I repeat this cycle.
The only time that I deviate is when sleights appear for leveling up. Most of the time, some of the best sleights are learned during leveling up, like Ragnarok and Mega Flare.