I don't think there is a most effective way to make LTHP. A lot of people like to maximise mood, but I find the best way is to achieve their wants as quickly as possible. I always leave a want slot free, as there are always easily satisfied wants popping up. For example, a sim who likes angling will often want to 'fish before 6AM'. As soon as they roll it, I wake them and have them go fish. To make things easier, I nearly always build and stock a pond in their garden. 600 LTHP for less than 45 sim minutes. I think it's tempting to lock in wants that will take days to fulfill for big points, but it's best to leave a free slot for the easily achieved as well. I also never give my sims anything unless I absolutely have to. For example, if they have an athletic streak, they work out at the gym until they roll a want for an exercise machine. I buy them the cheap one, and eventually they'll roll a want for the more expensive one. Mood is important too, but I don't seem to have any problems getting my sims to be 'having a blast'. I think the incense burners are a great help for mood, so is a stereo.