So I'm assuming you have Touching on Hoy? If you like that, just check out his other stuff. I have Building Blocks and Faith Healer. Both are good. He's also done three other distinct routines based around the same base method.
The thing is, from the audience's perspective any well executed method should seem like they think of a word and you name it in an entertaining and mysterious fashion. From billet switches to center tears to propless processes - you need to script it so the process itself is as invisible as possible.
I think mind reading is something almost everyone who does it, does it poorly. It's very easy to mix up premises halfway through (Turning thought reading into predictions, for example), or to make the reveal so convoluted that no one cares by the time you do it ( "Is there an E at the end? Not the very end, but like 3 letters in from the end. OK. Now is there a J about 1/3 the way from the front? No? OK, well if you converted the seventh letter into the corresponding number, as in A for 1 and B for 2, does the square root of that seventh number equal twice the square root of the first number?"), or just blurt it out too quickly to be theatrically impressive ("Think of a name of someone you know. Is it Bob?").
Watch Derren Brown. One routine that particularly comes to mind is when he does 20 Questions with multiple volunteers. He paces those reveals really well. The important part is staying true to your premise the whole time.
So if you want to do "psychic power", what kind of psychic power are you using? Telepathy? Probably sholdn't reveal letter by letter, then - makes no sense, most people don't think in letters. Pictures would be better. Clairvoyance? That could be done letter by letter, or a picture. Empathy? That would be the feelings, and then a guess as what they are indicating.
Study your premise and make sure you're representing that correctly, as well.
