So on my never-ending quest to watch every video of Paul Gilbert, I came across this: http://www.youtube.com/watch?v=Ob_SAYMeYIM

This video really surprised me, mainly because of how he says he holds the pick differently when he picks to when he strums. I thought I was the only one who changed it, and I always wondered how guys could strum so well while holding it the way you're 'supposed' to (because you're not using much of the pick). I tend to switch between rhythm and lead kind of quickly and always had a bit of trouble finding a way of holding the pick that can do both. Paul here has a pretty weird way of holding it (when strumming), which is odd because his way of holding it when picking is more or less perfect. So for someone like me who likes to switch between rhythm and lead quickly, would Paul's method here be the one to follow?
I think it would be a pretty fair thing to say that Paul's picking while he's strumming is a leftover from waaaaay back when he was first learning to play and he held the pick like that basically all the time. He's mentioned in a few video lessons and there's a video out there on youtube of him when he was about 14 or something equally young holding the pick that way.

While there's nothing really wrong with doing it that way if it gets the sound you want and you can make the switch easy enough but if I was teaching someone I would have to recommend that they pick one and stick to it; I don't like the idea of having to alter what you do that much.
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Thats how I hold the pick a lot. I hold it different for different techniques, and tend to change grip many times during a song perfectly natural. I never practised it, it was some thing I automatically did.

I cant really answer your question well because I never ever hold the pick the 'normal' way. The normal way always felt wrong to me, and I have never even held a pencil right.

A lot of guitarists have different methods though.
I hold the pick the same way for everything, you just need to be pretty accurate with strumming. You could always just use a little more pick for strumming though, it's no big deal.