This is directed to the original poster; didn't feel like quoting.
About 25 yrs. ago, I read a Guitar Player interview with Roy Buchanan (one of my favorite players). He was talking about his picking, and mentioned circular picking. Basically, you attack the string at a slight angle, both up and down, until the pick shape looks like this- () . You can really up your speed the tighter you can make the "circle".
Economy picking, isn't a strict alternate, up/down picking. E.g, if you're picking down, and going for the next string, you continue down- why waste time skipping
over the string to come back up?
With hybrid picking, you incorporate your fingers with picking. You can be picking on a low string, then pluck something on the upper strings. I didn't know until not too long ago that Mark Knopfler didn't use a pick, but listen to his solo on Sultans of Swing. It took me forever to get those licks down using a pick, but I found it a lot easier while hybrid picking it.
I use a small teardrop shaped "jazz" pick, btw. For lead stuff, I pretty much use the very tip of the pick, and, as someone else pointed out, it makes it easier to play artificial harmonics (pinch harmonics is a new term for me; man, I'm getting old).
And, as someone pointed out- don't think, just play! But get your fundamentals down first. I've returned to playing after a big layoff, and find I'm thinking way to much- it's when I zone out and just play that I find my groove. I can pick insanely fast....but I'm not saying anything! Fast, slow, doesn't mean a thing unless you're saying something. Just my few cents.
PS: a good exercise for fast alternate picking, and at the same time learning something new, get the tab to Flight of the Bumblebee. It's mostly chromatic, so it's a great finger exercise. When you have it down, go to the nearest Guitar Center, grab a guitar, crank up an amp and wail. Grown men will cry! Women will throw their underwear at you! You'll be anointed the next GUITAR HERO! But start out sloooow......
Silimtao-The Way of the Little Idea
I want to die peacefully like my grandfather. Unlike the other passengers in the car, screaming and crying. (unknown)