Thanks for sharing that exercise. But I'm still not convinced that the pinky shooting up is a problem, because I can still make it to the next note in time, even when playing at my fastest. In fact, maybe because the pinky is a weaker finger it can fret a note even faster when it starts out higher above the fret... more momentum as it's coming down.
If it was preventing me from playing as fast as I wanted to, then it would definitely be a problem. But as long as you can achieve the sound you want, I'm thinking it doesn't matter.
But again, I could be wrong. Only time will tell. Perhaps when I get even faster I'll realize it is a problem.
Thanks for the input!