Until now, i've always had my wrist kindof resting on either an unused string, or the bridge, or the guitar. Today i figured out it i float my wrist (without anchoring my pinky) its easilr to pick faster, and sounds more fluent. but the problem is it feels uncoordinated, and it tires out my arm pretty bad. so is this the PROPER way to alternate pick, or most widely used in shred? or should this be something i shouldn't persue?
This is something you should definately persue. However, I do believe this could be considered an anchoring thread.

Anyways, I'm not a mod, so I can't close it.

On topic...Just practice VERY slowly, with absolute relaxation and control. You'll get it. I had this same problem.

Just remember:
Relax! If you "can't" relax, take time, think about it, let your arm dangle there (totally relaxed), bring it up, and rotate as needed.

Also, you don't have to hold your pick with vice-like grip. Loosen it up. Try to keep your wrist straight, aswell.