I feel that Timing can make or break you on test day just as easily as not knowing the material.
It's a two front battle where on one side you should work on quickly solving problems to leave room for significant time for other questions whereas on the other hand, if you don't know the concepts required to answer a question, you're going to get it wrong as well.
What i've been doing to combat the timing on the PS and BS sections is simply timing every single practice question or passage that I work on. If 2 or 3 minutes passed and I'm still stuck on a question, I still work on answering it to the best of my ability (though on a complete test, I would just move on) and then I categorize problems that I quickly answered correctly, straight up wrong, guessed correctly but in a short time, and ones that I answered correctly but took too long. After doing a couple of problems, I go back and work the ones that took too long but got correct as well as the guessed and wrong ones while trying to beat my first timing. I figure that if I'm working problems in a slow manner, most likely i'll be doing the same thing on test day (especially certain problems where I only know the slow method to solving it). And if I go faster on test day on something I usually work slowly, then most likely I will not be doing it correctly. I feel that you have to weave the aspect of timing into your overall studying instead of just waiting to take a practice test. Like when I study the concepts in PS and BS, I try to look for the quickest way to recall information by being a little more creative in both my math and general approach.
I don't recommend jumping around on the test since this has the potential to waste time. Besides, you will have a feature that allows you to go back to marked questions so why even think about jumping around when a computer option can do that for you?? Also, I agree with a previous post that just because you spent an extra minute on a question does not mean you're going to get it correct. So, you shouldn't sell yourself short by guessing on the rest of the questions.
The thing about highlighting I feel is that it helps you to somehow "label" a certain area in the paragraph in a very "lazy" way. Lazy because if you really think about it, you are not waiting an hour or whatever long term time before you go right to the questions. As soon as you read the passage, you go straight to the questions in a matter of seconds which should enable you to remember in your short term memory the locations of information as well as some extraneous bits of info. If you perceive text as simply this big blur of black text and diagrams against a white background then you are not really thinking about the material as you read the passages or the questions (same thing when you just finished reading a passage and you ask yourself "I don't know what I just read"). Introducing some yellow here or there will only interfere with your general flow of processing the information as you read. So, I would say it's good to highlight if it helps you to think about the material in some magical way but the important thing is that you are "thinking" about what's going on in the passages and not replace this with "what words should i highlight here?" Your time may be better spent taking a few seconds evaluating what you just read or try to decipher some order in what appears to be chaos instead of introducing a task that serves as a middle man.