Room by room finish after electrical rough-in?
Is it possible to pull a few new circuits? Many older homes were wired similar to yours. Breaking out the bathrooms and kitchen electrical to there own circuit is one of the things I used to do when remodeling. If I understand your question you want to remove the outlets and light fixtures.  Then use tape to protect the exposed wires. This may work depending on how the outlets are wired. If the outlets are pig tailed so only one set of wires go to the outlets or fixture your plan will work fine. If there are multiple sets of wires going to the outlets or fixture these will need to be combined using a wire nut or splicing device legal in your area. By adding 1 short piece of wire to the splice re-connecting the outlets will be easier and a piece of tape on the end of the short wire will work the same on your new pig tail to protect the live wire.

Added from comment as requested:You can do 1 room at a time. The "ring circuits" this means one outlet feeds another. These will need to be pig tailed as described above so all the circuits will work then the order you do the rooms wont matter. If you start at the first room with power make sure to tape all the Hot wires because when you energize the first room the wires going to the second will be live. but both methods will work.