A: The answer to this question is "no". If you think you need to phase out your first project, there's a good chance that you have taken on more work than you should. Work on a project scope that can be done in about a maximum of 12 weeks with your team (more on team makeup in a minute). You should aim to develop, test, and go live in production within that timeframe, plus or minus a few weeks.
If you successfully confine yourself to a deliverable scope that fits within this timeframe, you can avoid scope sprawl, and then a traditional development process similar to waterfall is entirely appropriate. That is to say:
Gather, document, and obtain end user signoff on requirements
Implement the technical solution (but showing intermediate work to end users throughout this process)
Apply formal user acceptance testing (UAT)
Deploy to production
If for some reason, you can't confine the scope, avoid this kind of process if you can and instead follow an agile process...