Uhh... the solo in Cemetery Gates was the first shred part I learned, first shred song would be For the Love of God by Vai, not the whole thing though. Still haven't got around to it!
I'm a social drinker. When someone says "I'll have a drink." I say "So shall I!"
sounds odd but edg be right! (again :S)

joe satrianis - always with me always with you seems a popular start for any shred players. its not shred but would certainly develop your style towards shred. after that, Vai, for the love of god is a popular track to learn. btw not learn note for note if ya cant, but the general jist and you will improve over time , perhaps as your ear develops.

then it depends how far or what direction ya wana go. the paganini caprices are great to learn for developing technique, but then again, if you learn chromatic passages, you can easily get away shreding for hours on end over a metal track using 1234(actually any fingerings shud work tbh!,lol) chromatics once ya play they really fast.....SUper fast! :P or super slop, just hit random notes*cough*slayer*cough*

i recommend to learn the satch tune first tho, then branch out to playn Vai, Yngwie, and maybe even Becker.
hehe, what ya said is the approach many take tho
(they all doomed i tells ya!) muhahhahaa