So recently I found out that my picking technique is poor at above roughly 90bpm (semiquavers) and at increasing speeds I tend to use my elbow more to pick, which is creating tension in my picking.

Obviously I need to fix this so I've started working on my picking more and making sure it's 100% from the wrist and tension free. I'm doing the same with my fretting hand and I'm working on keeping my pinky nearer the fretboard as well as using the bare minimum amount of tension to play.

However, since I need to play at slow speeds to train my muscle memory correctly and relearn my technique, this gets very boring and repetitive (even doing all permutations and variations of exercises such as chromatics gets boring quite fast). After about 30 minutes or so of practice time at these slow speeds I get bored and want to play something, which is my dilema:

When relearning techniques, is it a bad idea to play at higher speeds?

What I mean by this is when I'm done with my technique practice, would it ruin or cancel out the benefits if I then played guitar normally for an hour or so to have some fun? Obviously this means using my previous technique, and if this will negate or negatively affect the benefit of improving my technique by playing slowly I don't want to risk it.

Sorry for the long post (tl;dr - Will playing fast affect my technique gained from slow practice when relearning technique?) and thanks for any input you have.
Uh... no.. if anything it'll help, unless you're learning it wrong in the first place :P
I assume you're talking about learning new songs with the correct technique, right? (Not playing already known songs with my old technique)
Ha, I've actually been doing the same thing for the last month or so and it's been working out great. I understand, it can get boring. Usually what I do, if I try to play a song that I know I use my old sloppy technique on, I'll turn the metronome down about 10-20 bpm from what the song actually is and re-learn the song with the cleaner picking technique.
^ That seems reasonable but the issue lies with the fact I can barely tremolo pick properly with my wrist at 100bpm at the moment, let alone 220bpm I need for some of the thrash I play.

Would it perhaps be a better idea to learn some slower songs with correct technique along with my exercises? This seems like it'd be less boring and would help me improve my technique faster.
sure you can play arround for fun, BUT with your new developed correct technique, re-learn everything if you have to, dont pick from your elbow
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Yeah, not a bad idea to learn some slower songs. You could also work parts of a song into your exercises. Like, say there is a part in a song you like with fast tremolo picking, instead of focusing on playing the entire song, just isolate that one riff and mix it in with your normal practice routine.
I'm kind of in the same boat.
My preference would have been to really not play much at all... and devote a stretch of time entirely to re-training practice. (I can deal w/ the boredom factor)
But I have gigs to play especially this time of the year it's a lot. So I have to keep on top of my playing at the same time.

What I realized is that the new training has slowly found its way into my normal playing. And gigs are actually a good testing ground to apply the new habits as much as possible. Especially relaxation of the picking arm.
But I can't over-think it either I just have to get the job done... so I do wind up playing a mix of old and new techniques.

So I think "playing while re-training" does not negate my practice.
In fact my playing is a pretty good measuring stick of how far I have come, and how far I have to go.
Then I go practice more.... forever.
hope that helps
Thanks to everyone who replied, the above post especially =)

I'm thinking that if I can practice with my new technique for about 21-30 days (when it starts becoming a habit of sorts) and then start playing slower songs and working my way back up I can relearn my technique while still having fun. I'll report back in a month or so if anyone's interested in how this goes, or if someone is doing/going to do the same thing and wants the same question(s) answered.