First of all: I mean Battle Points (BP) when I talk about points! Player Points (PP) is essentially your overall skill as measured by the game and your wins and losses, regardless of what character you're using. They are not necessary to get this achievement! You can only rank up a character with BP.
It is a really time consuming achievement. You have to rank up all 35 characters to C in ranked matches. For D+ you will need 500 points, for C you will need 1000 points. (Update: You do NOT need to rank up arcade edition characters!)
If YOUR character is D ranked and you win against rank D+ or C you will get 65-67 points. Against a D ranked character you will only get 50 points.
If YOUR character is D+ ranked you will only get 65-67 for a win against C ranked characters. Against a D or D+ ranked character you will get 50 points.
When you play against D characters only you will need 20 matches (20 x 50 = 1000). So I recommend to play against better ranked characters only. You will need 16 matches if you do that (16 x 65 = 1040). This way you will save 140 matches in total (35 characters x 4 matches = 140)!!
Which characters should you rank up first?
Seth is first. He got least health. It is faster to defeat him. And when he is C ranked your partner will get more points-> less time consuming.
Next would be Akuma.
For example if player 1 goes for C rank with any character player 2 should pick Seth. When it is the turn of player 2 player 1 should pick Seth.
Swap to Akuma when your Seth is close to 500. Do NOT let him rank down to D+.
When a C ranked character loses a match he is also losing 5 points. For example my Seth ranked down when he reached 499 points. I guess 500 is the mark. If you go below this mark you would have to rank up your character again from D+ back to C. So you can do about 98-99 losses before swapping to the next character.
You can find a list for health / defence here:
"The chart (above) shows how much damage each character would take when getting hit by a full revenge meter Ultra 1 thrown by Ryu.
(You can use the link if the picture does not work for you: http://tinypic.com/r/fbkpja/5
In cases where there are multiple fighters who have the same stamina level, only one lifebar is shown, but all of the characters in those brackets take the same amount of damage." (Source: eventhubs.com)
You can get some titles / icons / achievements while you are boosting this.
For example you will get these achievements without losing any time:
The Fivepeat achievement in Super Street Fighter IV worth 67 pointsThis is your real power, child? Show me it's not luck by winning 5 Ranked Matches in a row!
You could also combine it with "Quarter Up".
If you want to do some more achievements you could do focus attacks and special attacks while boosting.
Do not boost flashing finishes (just a recommendation). This would take more time because you have to fill your bar(s).
You can also get some titles and icons like I said before. Some of them have to be done online.
A full list can be found here:http://www.xbox360achievements.org/forum/showthread.php?t=23...
You do not have to concentrate on normal and perfect wins because you will get enough of them while boosting the Shining C. But you will need wins by time [set timer to 30 seconds for this, hit one or two times (each of you to avoid perfect win) and let the time pass] and chip damage (When you do a special move, it'll still do a small amount of damage even if your opponent blocks). You can do counter hits and quickstands as well without losing too much time.
Just check the list on x360a if you are interested.
If you do not know any combos you should spam LB or RB. Works with nearly every character very well. For some characters like Seth or Dhalsim you have to use other buttons. A match will take about 6-8 seconds.
We could finish 4 characters EACH (= 8 in total) in 2,5 hours.