This is the book my mother used to teach me how to read. Well actually its the 1973 edition but I couldn't find that on here. I was reading it to see if when my child is old enough if it would be useful, and I believe it would be. Hes fairly old fashioned. Not too surprising. He was old when he wrote it in the 70's.
Some of what he has to say needs to be taken with a grain of salt, such as the statement he blithely makes about how children won't balk at inconsistency in the language, the exact problem I had with learning to read.
But much of the basic premise works. And even now I found that going through his exercises and reading his explanations for spelling and how words are constructed really improved my understanding of the language. Its funny how after reading copiously for years my basics sort of fell out of my head.
Over all I believe that a person using this book would have to be careful to tailor the lessons to the child they were teaching, but you would not require any other books to teach a child.