Your efforts should match your goals. That said, the videos on youtube of Pebber's where he's doing just picking for like an hour and a half, starting with two minutes each on the open strings, and the like hour long one on trills where you start of hammering on to strings one finger at a time, are what every guitarist should be doing. I got some warm ups from a guitar player magazine article written by Robert Fripp that I start off with, just placing the fingers on the strings and pressing them down evenly and slowly. The slur, ornament, and stretching book by Shearer was my bible for a long time, but I think Pebber's videos dovetail nicely with anything I learned or like should've been prerequisite for them.
What do you want to play I guess is the question.