You're not wasting your time by reading. That said, you're probably going to be much better off at the lower stakes playing straight up. As you say, low stakes players are often not good enough to make the types of plays Sklansky discusses work. I think he may even mention that as a disclaimer.

You're not wasting your time, because once you have the bankroll, you'll be more prepared to hang with the big dogs. That said, it's not something you'll use much at your current level.