The best way, In my opinion, Would be to use a combination of methods.
If you are only processing a followers list for 1 account, than there is little you can do to speed this up.
If you are running lists for several accounts there are some work arounds.
Rate limiting is on a per access token basis. If you hit a wall with an account access token, you can switch over to your application token. This will give you double the processing power.
When processing multiple account follow lists, and you hit a rate limit, you can set it to sleep, and spawn a new process, continuing with the next account.
You can check the total followers count, and divide that against the 5000 ids limit, to see if you have more than 15 pages worth of results.
If your under 15 pages, than you can perform the request without hitting the rate limits.
If you know you have more than 15 pages, than you can set the sleep to process each request, and sleep instead of batch processing the max and sleeping for 15.
So I would set to sleep 61 seconds between requests.