You've got it, a famous example would be in eddie van halen's eruption. You could also listen to almost any surf guitar, dick dale and the deltones type stuff, and hear it in use. In surf guitar its used to play relatively slow (but not easy, cause ur picking each note very fast and even and many times) harmonic minor type melodies. Eddie Van Halen, at least in eruption, only picks each note 3 times before moving on to the next, but it is still tremolo picking. To perform it, I find you get best results by picking from the forearm and minimizing picking motion.