I started using the Frank Gambale "Economy" style of picking by mistake - it hasnt let me down yet. It also makes sweeping alot easier. I use a Dunlap stubby 3.0 MM, between my thumb and index finger using the wrist/elbow movement combination (like Vinnie Moore).
I've found that in some situations you have to use the old fashioned alternate picking, so its wise to practice both.
Reguardless of what technique you use, with practice, motivation, discpline, and time you will be fast.