I'm left handed but playing right handed guitar, so picking always have been a problem for me, but this is what REALLY works for me, not this ' you have to play perfectly and only speed up 3 bpm a time and still play perfectly' bullshit.
Oh, and after you get the picking pattern into muscle memory, add your fretting hand and try to synchronise them, it may take a little, but is much easier when your picking hand is already trained properly.
I also recommend checking out Troy Grady's forum and youtube videos, great picking mechanics insight. While speeding, pay attention to where you make picking mistakes, so you can focus on those areas in 'comfortable speed' practice. When practicing for speed, once you have a pattern in your memory ( you can easily do it in slow tempo ) you have to speed it up until you feel it starts to fall apart, and then push a little more, then go back to tempo where you can play it perfectly, focus on your movements, and speed the fuck up again.
Practice speedpicking on single string, I would recommend everyday practice of simple picking patterns like alternate 16th notes, downpicking 8th notes, and doing galops ( galops are in Holy Wars intro riff ).