In the movie, Ralph Macchio's part isn't recorded by Steve Vai I believe. I have guitar magazines at the time that mention some student at berklee that did it. I want to say it was an indian guy..
Its a fun piece though, when I play it on electric I usually play it around 150-160 bpm..what really amazes me is Joe stump who can play it at 180. Also Eliot Fisk that I mentioned earlier, plays it at over 200. Of course, he has 5 "picks" at his disposal, but still..