I actually do the opposite!!!
I have seen people play from the elbow, but to me, it felt like there was a lot of waste...
I have studied my approach after seeing a guy from http://www.chopsfromhell.com
He was funny, because his picking was so tight it seemed like his hand wasn't moving, and he achieved an amazing speed!!! SO, I recorded myself on my webcam, and I actually do the same thing. My wrist gives the motion, while the fingers holding the pick change the angle so I hit the note like I want it to sound.
I have seen Steve MORSE play, and he has a bizarre approach too, everything is in his two fingers holding the pick , because his other fingers switch the pickups
Oh yeah, alternate picker from above : Al di Meola, he might be an A...hole, but dang, ain't he fast??