Good topic.
1. For "protestants" have you read or studied the Apocrypha, and if so, do you think it's a valuable tool?
Yes, I've read through them twice in the 4th Oxford Annotated Edition. Whether or not they should be considered canonical (and
which Deuterocanon should be), they are extremely valuable for their paraenesis (e.g., Sirach), theology (e.g., Wisdom), and Second Temple Jewish context (e.g., the Maccabean literature). Although I find parts problematic, whether Torah-centric works-righteousness of Sirach, the teaching on the immortality of the soul in a permanent heavenly state in Wisdom, or the prayers for the dead in 2 Maccabees, I don't find any of that much more problematic than passages found in the Protestant canon (e.g., Job and Ecclesiastes for theology, Joshua for ethics, etc.).
I'm not certain if I'm comfortable with them being read in the lectionary as "the Word of the Lord," but I am totally comfortable with them being included in printed Bibles as dedicated section between the testaments. I don't think they should be integrated into the Old Testament as though there were no distinctions between Protocanon and Deuterocanon, though. But those who have a good grounding in biblical theology should be encouraged to read them.
2. For all others, have you read any of the Gnotic Texts or the Ethopian canon books? If so, do they have merit in this day and age? If some don't what do we reject. And if we reject some but not all, should there be an Apocrypha for the New Testament like there is for the Old Testament?
I'm currently working through a reading course in biblical backgrounds. I've gotten sidetracked a bit on ancient epics (and even there, I got off track after re-reading the Odyssey and instead of going on to the Aeneid, I'm now reading Irish Ulster cycle tale 'Tain bo Cuailgne'), but I got through Pritchet's Ancient Near Eastern Texts and am going to follow up the Aeneid with Charleston's two-volume Pseudepigrapha, the Dead Sea Scrolls, Schneemelcher's two-volume New Testament Apocrypha, and the Nag Hammadi corpus. So give me another eight months or so and I can say with certainty that I've read most what's on offer. As it stands I've really only read selections (parts of Enoch, Jubilees, Thomas, the Gospel of Truth, the Infancy Gospel of Thomas, and several others).
That being said, I think Ethiopic texts like Jubilees (and 1 Enoch) are best left to scholars (as well as DDS examples of the same genre like Genesis Apocryphon), and the Gnostic texts (not 'gospels') are right out. They provide invaluable resources for understanding the historical development of early Christianity of the second and third centuries, especially as regards marginal Jewish and Gnostic forms of Christianity, but unlike the Deuterocanonical texts, which largely represent the mainstream of Second Temple Judaism, the NT apocrypha does not seem to represent the mainstream of early Christianity.
If anything should be included in New Testaments as some sort of an apocryphal appendix, it should be the apostolic fathers. After all, there's actually a precedent for doing so in ancient manuscripts. More mainstream apocryphal tales, like the Protoevangelion of James or the Infancy Gospel of Thomas, could provide a nice balance to fictional tales like Tobit and Judith, but there's absolutely zero precedent for doing so and there's no indication that they were ever considered authoritative texts that had any sort of public role in the community. They seem to be romances for private reading, like the Acts of Paul and Thecla and or the Pseudo-Clementines. They have no more role in a New Testament appendix than the Tale of Joseph and Asenath or Jannes and Jambres.