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Serpent's Quickness only applies to skills activated while it is active; it has no effect on skills that were already recharging. Thus Serpent's Quickness does not reduce its own recharge.
Serpent's Quickness can be maintained constantly at 16 wilderness survival, but only if the skill is recharged quickly by another method, such as a morale boost or a Quickening Zephyr spirit placed at the beginning of the map. Reducing this skill's recharge by 33% will give you slightly less than a second to reactivate the stance, however, so keep a close eye on recharge.
Serpent's Quickness only needs to be active when the skill completes in order for that skill to get the bonus (since it is a stance it can activated while another skill is being activated).
Serpent's Quickness can reduce the recharge of a stance, if that stance is used to cancel out Serpent's Quickness. Therefore, if you intend to reduce the recharge of multiple skills, it is wise to use any stance last so that the other skills still benefit from Serpent's Quickness.
Serpent's Quickness also reduce recharge time of spells so it can be used with long time recharge skills like Spell Breaker or Shield of Judgment