This lesson did not come out as well as I would have liked (making the slides work was a bitch) but hopefully you get the idea on how the actual excersize works. It is actually quite simple with the left hand and can build some great dexterity and accuracy if played well. Play very slowly at first and gradually increase the speed. When I was first playing this excersize, I would start at like 60-80 bpm. and gradually increase and the tempo on the metronome. The actual arpeggios are pretty simple in that they are the same going up as they are going down (no combination sweep and flat picking needed).
For the first 4 arpp's, try forming 2 different chords using the 3 low notes for the first chord and the 3 higher notes for the next one (ommiting the high pull-off note). Go from the first chord shape to the next until you get the chord shapes down and then this excersize will be a sinch.