I agree with Popa.
ItcheSrulik, I agree that one fulfills his requirement of limud hatorah without spending the whole day learning. However, I am extremely skeptical that one can become a real talmid chochom, posek, torah leader etc. that way. I simply don’t believe it. Therefore if that is one’s goal, telling him to make such a compromise will do nothing. You can debate from here till tomorrow whether or not that should be any specific person’s goal, but the point is if it is it will not happen with such compromises, at least not until he completes a considerable amount of shas and poskim.
Charlie, though the Rambam presents this as the halacha in hilchos Talmud Torah, he does also mention that a city (a 120 person city) has to have 10 batlanim, i.e. people who do nothing but sit in the beis medrash and learn all day. So clearly there are exceptions to the rule.
Blueprints, you happen to be wrong about the universities and anti-semitism. While that was the case in the areas of France and Germany, up until the Rambam’s time in Spain there was not much anti semitism at all, and many Jews received a secular education. It was called the Golden Age, check it up on wikipedia: http://en.wikipedia.org/wiki/Golden_age_of_Jewish_culture_in_the_Iberian_Peninsula