It's probably one of the simplest things you could do to build speed with both hands. Run Scales. But do it in a repetative muscle memory building manner. SImply described start from one note in the scale and play the next three after it a few times over and over again. With strict control on picking and fingering. Get each note just right. Make sure it sounds good. Then proceed to the next not in the scale and play from there.

on a charomatic scale it would be like doing this....

|-------------|--------0--|-------0-1--|
|-1-2-3-4--|-2-3-4----|-3-4--------|


Perform each measure 4x. Just do that with a scale. Start anywhere. End anywhere. Do it differnt ways. With triplet patterns. Or different numbers of notes from the scale. It's up to you. But I guarantee it will improve your speed, accuracy, and allow you greater creativity and flexibility on the guitar.

Hope that helps you out.