The Bible is the living word of God and is meant to be absorbed into the very depths of your inner self. As such, it is not meant to be the subject of a speed reading exercise. It is best to be read at a speed where every word can be assimilated, and where there is also time for constructive pauses to look up a cross-referenced passage or material from a study aid.
I think you misunderstand the purpose of such a study; the point is not speed reading, but in taking and understanding larger chunks at a time.