In the lesson 3 it states to praise yourself and really mean it. I maybe overanalyzing but does that mean not only should we talk in a slow soothing manner as we use our self talk but we should also 'mean it' as we recite it to ourself, or am I overthinking and I should only worry about repeating my self talk in a slow calm soothing manner and the rest will take of itself?

I think it's a little of both of those. The soothing talk helps to calm you down enough to believe what you're telling yourself. Make sure when you're talking to yourself that you mean it. If you don't mean it, you won't believe it.
In the tape it gives an example, such as "I feel ugly." Don't replace it with "I look great. I look like Raquel Welch." Even if you say that, you know in your heart that's probably not the case. Don't make it so extreme that you can't buy it.

This was one of the hardest lessons for me. Good luck!

Also, if you try to talk to fast it promotes more anxiety. This is still a hard one for me to deal with right now.