I recognise that I'm probably the only person on this forum who doesn't know this, but is the only reason to use a pick to do with tone. I'm confused as to why you wouldn't use the thumb and free up another finger. Jeff Beck seems to do it quite effectively.
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Currently I am in my thumbpick phase. Frees the fingers, sounds good to me. Fred Kelly (yellow) speed pick now. The problems with a thumbpick are: attack tends to be heavy all the time (this is the top worry for me!), up strokes can be more difficult, false harmonics are more difficult to do, lack of blood circulation to the finger.
But, well Jeff Beck is a genius, like was Snooks Eaglin, for example.