I think being picky here is a double-edged sword.
On one hand, you've got standards and that's great. It shows you have a pretty solid idea about what you want from a HB.
On the other hand, you miss out on some other types of HB's than what you normally go for. You might find out that they're better than what you actually want.
Now, I'm a picky person when it comes to women. And I've always been happy with whom I was together with at the time. I love blondes with blue or green eyes with nice ass ( meaning you really have something to grab ), long hair, cute and playful natural tits ( medium sized ) and the cutest prettiest doll-like innocent face EVER. To spare you the time, I'm not going to go into detail with character here. It's not long, but it's not short either.
But I've also dated raunchy and bitchy brunettes, geeky redheads, playful light brown haired with smaller tits or ass or bitchy face or short hair or whatever. For example, I'd sooooo pick the brunette ( sooooo hot, btw )in the pandora's box banner on this forum than the blonde on the PUA forum header. See where I'm going with this?
The thing is to balance your picky-ness with women. Like Darkz0r said, If the girl has 1 of those say 10 things, don't go for it. If she has 5, maybe she can have more, but are not obvious. If she has 8, go for it. Never wait for a girl who has absolutely ALL your desired characteristics at the moment. Open up, man, that's how you can shape your picky-ness to be healthy.
Being picky about everything else is super-attractive. A certain brand of coffee, phone, service, you name it. That means that you only take what's best for you.
Being picky about women on the other hand can be quite a weight on your shoulder. You may end up being miserable if you don't find THAT girl.