That's actually exactly how I wrote the story the first time around...for some reason, though, I grew dissatisfied with that formula.
I think it's because...well, my story kind of has a "chosen ones" thing going on, and that makes it so the plot can't really get going until all five characters are assembled. So, as much as I like writing character development and banter, I just felt kind of like I had nothing to do while they were taking their time traveling all over the kingdom trying to find each other (even with a magic compass...).
I couldn't do a lot of exposition, because it would just have to be redone each time a new team member arrived. And the antagonists are supposed to remain mysterious until later, so I couldn't do anything with them either. All I could write was empty training and friendship fluff...it was fun, sure, but it didn't feel fulfilling, and it stopped feeling "fantastical" very quickly. 6_6
Maybe I could try splitting the team in half, and running their team-gathering stories simultaneously? I feel like I might accidentally end up twice as bored, though...and I don't really like the idea of having two main characters; not for this book...
I'm going to go to sleep now, and think about all the suggestions I've gotten so far. Maybe I'll be able to come up with something...or maybe I'll luck out and dream up the answer. ^^;