Okay, now that I've hit Elite I'll share what I know about Exo-mightiness so that anyone here that decides to do it won't waste nearly as much time as I did in the beginning when nobody really knew how it worked.
First, a break down of the numbers:
'First discovery' doubles your pay-out but does not count towards your rank boost. Elite requires around 215million in turn ins. Water Atmospheres pay the best and average around 2.5 million per. This means you're looking at visiting at least 100 planets, and scanning for about a half hour on each one. That is less than 5 million per hour (not including exploration) so you're not doing this to get rich quick. Also, that's what almost 50 hours of pure walking around clicking a button looking at the same dozen or so textures.
Water worlds are exceedingly rare. CO2 worlds are the next highest average payout at maybe 1.8mill BUT much more work and aggravation, so, you should be using datamined third party resources to find them. Spansh's body search is my recommendation.
Those are ideal numbers. You are absolutely going to waste MUCH more time than 50 hours doing this. Some water atmo worlds don't have any life on them, others only 5 instead of the ideal 8 or 9. All of them require you fly to the system and do an FSS just to find out.
Bottom line I cannot stress enough how not worth it this gameplay is. It is the epitome of bolted on waste of time just because. It takes everything even remotely worthwhile about exploration and throws it out the window and seems tailor made to bring focus to all the issues with the new planetary tech. It's not relaxing, it's tedious or frustrating. That's it. There is no sense of accomplishment. Only shame. I now have a Scarlet E on my account that clearly displays to anyone that looks at it how low my standards are.
I predict the new meme to replace 'you must be fun at parties' will be 'you seem like you do Elite Exobiology for fun'.
........
Suit Engineering: Not required. Achieved Elite with a Level 3 Artemis suit with no mods. Could runspeed, jump boost, nightvision, and imp. battery mods for the suit help? Sure I guess, but not worth it. If you need NV use your SRV (which also is faster than running or jump boosting would do for you anyways). If you have a weapon with a scope use it I guess. Might help spotting something in the distance when on foot.
How to search:
Try to search on the daylight side of planets with the Star either above or behind your direction of travel. Shadows end up blending some life in with rocks otherwise.
Tussock, Frutexa (Shrubs): they are almost impossible to see from the air. you need to be on foot or scraping the dirt in your ship. Generally I never look for these but if I go to land and start a new flora and happen to find them there I'll do these first then go back to the flora I had originally landed for.
Bacteria, Stratum: in ship at altitude 100-250m up while travelling <100m/s (for my system rock/flora spawn updating stopped at this speed as if it was a hard coded setting). Consider using NV (regardless of lighting) because anything highlighted/shaded green is NOT bacteria which may make it easier to spot when you know what to avoid. Some species colouration may blend in with the NV green anyways so don't always rely on this.
Everything Else: In ship at an altitude around 100m. NV may help to highlight species with low contrast to the terrain.
Traversing the terrain
Because it was taking so long I took the time to do some math to plot out the fastest way to travel to the 3 scans for the various flora and found some general rules. Based on a minimum travel distance of an equilateral triangle the ONLY time travelling on foot is the fastest method (even considering disembark/re-embark, black screen, deploy/recover SRV, and landing times) is for flora with minimal colony sizes of 125m*.
Even then, if you can't get all three scans in that tight triangle (rare) you're still hurting your time. The SRV is the fastest* travel method for all remaining flora except colony sizes >800m (Osseus, Tubers, etc.)* but at the cost of expensive fuel. Frankly a small ship
specialized (or an equivalent Adder) for Exobiology with optimized speed, jump range, and ease of finding a landing spot (THE most challenging part of this 'gameplay') is your smartest play here.
* assumes flat, uncomplicated terrain and dense flora distributions (use your ship if you need to search)