All kittens are way too energetic and will get into everything but some kittens are really wild and crazy! It sounds as if you have a wild child!
You have done the one most important thing for a wild child....you have a play mate for her! Since she already has a kitty playmate, the next thing to do is to make sure there are many toys and things for her to climb on and play with that she won't get in trouble for. You are going to need to let her burn off as much energy as possible in a way that isn't going to cause problems. Try getting some cardboard boxes and cut holes into them and then stack them on top of eachother so they can climb from one to the other (taped securely to each other) so your wild child can spend lots of time exploring the boxes rather than biting you and trashing things.
Also, make sure you get some scratching posts for her. I would recommend against carpet covered posts because it teaches the cat that it is okay to scratch carpets! The sisal or cardboard scratching posts or pads seem to work best. Also, put double-sided tape on things you want her to stay away from (or put the tape on a towel or piece of cardboard and place those over the places she needs to avoid).
Now...to stop the biting...you are on the right track! When she bites, yell NO! loudly and blow a puff of air in her face. Make sure you do this every time she bites so that she equates biting with bad things (puff of air). Make sure that you do not pull away your hand when she bites because that will be way too much fun for the cat (you are acting like prey!). So, keep still, shout No, and puff the air. If she does not stop biting, then simply pry her off your hand.
If she is still being naughty, you can put her in time out....lock her in the bathroom for only about 2 minutes - just long enough for her to get her mind on something else. Eventually she will learn that being naughty means being taken away from fun things so she will behave better.
Most of all....Be patient!
You will come to enjoy the wild antics of your little devil.