Remember that you can set a content moderation rule to be notified about new posts by specific users, too. You can have set it so that the posts are still live (not held up in the mod queue). That might be a good option for you for now.
When you block a person, they can no longer invite you to a private message or post to your profile wall. Replies and comments they make will be collapsed/hidden by default. Finally, you'll never receive email notifications about content they create or likes they designate for your content.
Note: if you proceed, you will no longer be following .