I still say try to focus on the picking hand technique (in case you can already play faster legatos) ... Watch videos for great fast pickers like Malmsteen , Michael Angelo , Petrucci , Jason Becker , etc. ... Try to imitate their picking technique .
Playing their stuff up to speed or even with higher speed definately helps. (Michael angelo goes up to 16th @ 300 bpm, no one realy have to play faster than this ;) )

These guys have different apraoch to picking , I'm sure you'll find one of their ways more suitable for yourself to apply.