This lick would typically be used by a "shredder", most likely in the climax of a solo. It would most likely sound best at a moderately fast speed.
Try playing this with, and without a metronome. This type of lick does not necessarily need to be played in time. You can squish the notes together and make it work, as more of a textural sound.
The technique is transcribed with my preference, in terms of picking & legato. Experiment, and find what works best for you!