The only advice I can give is to start out slow with it to "train" your fingers on what notes to hit. Use a metronome, start at a comfortable speed, and increase the metronome speed in increments of about 5 bpm until you can play it at the original tempo.....

Using alternate picking on a fast lick usually makes it flow better, so yeah, I'd say use alternate picking. As for where to use hammer on's and pull off's, that's gonna be up to you. Using them will make the solo a little easier and at that speed, nobody will really be able to tell if your using them or not, so whatever makes it easier on you, go for it....