The strategy of paraphrasing all of the first paragraph, paraphrasing each topic sentence of the rest of the paragraphs and skimming for key words is one that Manhattan GMAT
promotes. MGMAT actually suggests that the strategy should change depending on the length of the passage. If it's long, use the above strategy. If it's short, you can read the passage in detail.
As for timing, it suggests the following formula:
Total time to spend = (# of questions) x 2 mins.
Total time to spend on reading and note-taking = Total time to spend / 2
Time for each question = 1 min.
Hope that helps!