Pick technique is great, but fingerstyle is far superior overall as a result of the increased versatility resulting from being able to simultaneously sound multiple note, to be able to do chords and counterpoint and such.
Pick works better on guitar because of the lighter strings and the closer string spacing.
There are many great exercises to develop strength/stamina/dexterity/intuitive tactile understanding: here are just a few of my best:
(1) Use the thumb (P) index (I) middle (M) and index (R) fingers (thumb and all but pinky) to play/cover the EADG strings, and play an open string E Major arpeggion (open E, 2cnd fret A, 2cnd fret D, 1st fret G). Thumb/P plays the E string, index/I plays the A, middle/M plays the D and ring/R plays the G.
Play the arpeggio back in forth, plucking pattern PIMRMIPIMRMIP and so forth, over and over again. This is great for building stamina.
Start with this open E arpeggio, then move up, say a fret, hold down the 1st fret of the E (and the 3rd frets of the A&D strings, and the 2cnd fret of the G). This is, of course an F chord. Just go up and down the neck. Try different plucking patterns using the zone paradigm (one finger covers each string). PMIR over and over is a good one. This simple exercise is without peer for building strength and endurance. You can practice it with many chords.
(2) This next one is priceless. It's a single-string exercise. Pick any four frets in a row on any string, let's just say the 5th, 6th, 7th and 8th frets of the low E. Each finger of your fretting hand will cover a fret; and you basically play 567876/567876 over and over again. You use 3 fingers on your plucking hand -in constant alternating motion- to pluck the notes being freted. Now there are 4 notes being played, but the pattern is 6 notes long, because you start from the 5th fret, work up to the 8th, and then back down, which is 6 notes total (then you're starting over).
Then, to be really slick, let's say you start the pattern on the 1st fret of the low E, and each time you complete a set of 6 notes, you go up a fret; when you reach, let's say, the 12th fret, you jump to the next string and then go BACKWARDS a fret after each set of 6 notes. this is a GREAT exercise.
This works well because 6 is two sets of 3; so the first 3 notes of the set have your fret hand play the 5th, 6th, and 7th frets, and then the next 3 notes are the 8th fret, then the 7th, and then the 6th (and then you repeat). The right hand uses the (continuous) plucking pattern IMR/IMR/IMR over and over (or the reverse, RMI/RMI/RMI -try both, form your own conclusion, I actually prefer the latter).
Practice this slow, two ways. One is to pause between sets of triplets, the other is to pause between sets of 6. Both are great.
This exercise is utterly mind-boggling, and offers extremely efficient and focused sychronized practice for both hands. The benefits are enormous, and it is a platform for more complex exercises involving more complicated rhythmic patterns (the next being playing the pattern in sets of 4 notes instead of 3 -3 sets of 4 becomes the same as doing the pattern of 6 twice, and completes the pattern).
Hope this means something to you. It's one of my best gems, worth it's weight in gold. It'll really train your hands and synchronize them!
Finally, (3), if you don't already know them, learn your pentatonic scales... they only require two notes per string... practice playing the pentatonics with your I and M fingers... it's EASY, great practice, and is practical and bass-oriented. Eventually you'll want to be able to play the pentatonics and ALL scales with alternating 3-finger technique, which is the most advanced technique -but this is much more ambitious, and you've got to crawl before you walk!
(Message edited by the 8 string king on March 05, 2006)