Depends on what the act is. If you know for sure that what ever is happening on stage is going to DEFINITELY stick to the time code then it will be fine to leave it as one line. However I find that redundancy is best, afterall anything could happen. Breaking your songs down into seperate timecodes is always safer, it'll give you flexibility to work around unexpected breaks between pieces.
I would recommend having both options available to you. Break down the songs but keep the original timecode just in case.