"One thing that keeps frustrating me is continually hitting the wrong string with the pick! Any thoughts you have on being able to hit the right string with the pick every time?"
You need to rest your hand on the guitar body and keep the pick close to the strings. This will give you more control over the pick and allow you to use your hand to mute strings. For example, as you pick the first string (high E) your hand can actually rest on the other strings keeping them quiet. This is especially important when playing with distortion and at loud levels. Other than that, don't bite off more than you can chew. Work on mastering simple guitar parts before you try to jump back and forth across all the strings quickly. Picking accuracy will develop in time.
I demonstrate right hand placement and technique in my DVD, Getting Started with the Pentatonic Scale.
Play Until Yer Fingers Bleed!
Mr. Desi Serna
Podcast: Search Desi Serna at iTunes