i've read and read and read on this topic....
i've heard most of the top "mainstream" players
talk about using one way or the other...
some use the economy picking (fingers only)
others use a solid elbow joint movement with
a rigid picking hand
others use a combination...

i think they both work...but for

"...be able to shred in a way that makes people go "wow".."

i think you should approach whichever one you're most
comforable with now...if you can pull of some kind
of speed either way...work on that method
and i agree with the previous posts..
start slow...let the speed build up itself...
and for gosh sakes!...warm up those hands!

;0)
-G