I will usually speed-tap by alternating between my index and middle finger, or just tap with one finger using twitch muscles. To get the full charge (3 rings around the charge-up circle), you do need to tap at a very quick pace.
I don't remember exactly how much the damage modifier is from fully charging up a move, but I do know that if you don't tap at all, the move does 1 point of damage. Tapping only slightly results in meager damage. So it is important for getting the most damage from the move. The "tap as fast as you can" strategy doesn't change, regardless of what charge move you're using. If your opponent uses a shield, it will always prevent all but 1pt of the damage, regardless of how much you charged the move.