Hey Ted,
transcribing will help you to get a better overview of your fretboard. The transcribing process is hearing, playing, writing it down - especially writing it down in a transcritption forces you to put the guitar aside - you know we all doodle and doodle, but here you concentrate on one single thing.
Transcribing will help you to be able imagining notes things better on the fretboard.
Be aware that transcribing is pretty exhausting and a lot of work, it will definitely not be something you do for the rest of your life.
I often transcribe some of my solos.
"A lot of people in the industry want to blame downloading for the state of the business. But I think if most music wasn't shit to begin with people wouldn't be downloading it for free," - Corey Taylor (Slipknot)