#1
So I used to just practice using stuff like Speed Kills, Intense Rock, and Rock Discipline. i improved my chops pretty well but I decided it was important to learn theory also, so for the past year I've been using a music reading book, Musician Institute's Rhythm guitar book, and their guitar soloing book. The problem is that the books would be perfect for somebody just starting out on guitar, and I'm learning theory, but my technical proficiency has suffered a decent amount. I'm definitely gonna stick to the theory oriented books, but are there a few exercises or such that wouldn't take up much time a day to work on various techniques, or would just learning songs help?
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#2
Basically you just need to play to keep your level, but to get a bit better it would help to play like 10 minutes a day really exercises.

For example:
Monday: Chord changes
Tuesday: Hammer on, pull off
Wednesday: Alternate Picking
Thursday: Sweeping
Friday: Tapping
Saturday & Sunday: Learn a solo

or whatever.

Just come up with an exercise that you think is a bit difficult to play for you, then practice it and when you can play it easily come up with another
#3
also check out Steve Vai's 10 hr. guitar work out... there's a tab on here ... it's pretty good.