Many players use 16th notes to create a high energy feel in there playing. Check out the track 'By The Way' by the Red hot Chili Peppers for a great example. For this study we have gone for a totally off the wall approach, I've used a classical chord progression as our study framework. I think it sounds interesting.
We start with 3 string voicings for the chords in use. For more on chord voicings check out Guitar Practiced Perfectly software. This adds an almost keyboard like sound to the chords, in fact these voicings are used by bands such as Coldplay.
Work hard on your alternate strumming as this will really be the deciding factor over how well you play the part.
Count as 1e&a2e&a3e&a4e&a.
The last part of the study uses chords that span all strings. You may find this harder to play due to the greater distance your strumming hand has to travel. Concentrate on smooth up and down movements with your plectrum and everything should work out.