I'd say to spend two hours a day gathering non-urgent information. That's general skills, organization, strategy, etc. Then spend the rest of your time actually working on something that you care about, even if you suck at it. As you go, you'll need more information that will be immediately applicable to what you're doing, so take your time and absorb that, and then immediately apply it.

This strategy allows you to broaden yourself (the two hours a day), but focuses most of your learning on stuff that will be reinforced through action and is guaranteed to be relevant.

I find reading addictive, so it sucks up as much free time as it can. It sucks up a lot of non-free time, too.

The approach that works for me is prioritising the big tasks. You know that rocks and sand story, right? (If you put the rocks in the jar first, you can then add the sand. If you put the sand in first...) Reading is sand, action is rocks.

The way to do it is just to try and implement as much as you can. In the process of doing that, you'll have to make many decisions where you don't know what to do. Make a note of them as they arise, but try and make a decision anyway to keep moving. Then later you can sit down and research the "correct" answer to your questions. This approach should ensure that you only spend time researching actionable things.

Easier said than done, though.