You said: I'd like to play a series of individual pictures in a fast-cut sequence up to 10 pictures per second or more
This is certainly do-able, but I think my workflow would be to make them into a movie file and play that if I was having trouble getting it to work programatically.
You said: Ideally with no tearing appearing across the screen between pictures
This is a function of the refresh rate of your display and how well it synchs up with the rate at which you are flashing images across it. With your setup, it's going to be like you're playing a 10 FPS movie, which may or may not look good with the display you're using depending on whether the refresh rate of the display meshes well with your 10fps content.
You said: each picture as large and crisp as possible
"Crispness" is a function of your media's resolution and your output display's resolution. If your image or display have a low pixel count, the image will not be "crisp".
You said: is the following patch the best way to do this
Use a Pulse Generator set to 0.1Hz instead of a Wave Generator, (the wave gen will trigger constantly and make your images cycle much faster than 10fps), but yeah, other than I'd give that patch a go.
Make sure to initialize the Picture Player "picture" input at 1 (So it starts at the beginning).
Make sure to initialize the Counter "cur value" input at 10 (to ensure that you can see your first image for 1/10th of a second before it switches to the second image).
You said: any recommendations on what image format is best to use?
Make sure that the resolution of your images all match, and that this resolution is the same resolution as the display to which you are outputting.
.jpeg if you don't need an alpha channel, .png if you need an alpha channel.