你第一句的翻译基本上是对的,“匀出一两个小时”可以译为:they should spare one hour or two reading newspaper,"总而言之,看报对学生很有益处"译成这样可能好点:in short,reading newspaper can benefit students in many aspects. 另外我也觉得newspaper不用加the。
第二句话合起来翻译可能好一些,比如:Everyone should read newspaper, since it contains/possesses/embody considerable/substantial value. 另外value是不可数名词,除非用a lot of, a bunch of等词组修饰时才能加a的