Via a link from Wayne Leman, I found this post from Greg Lamm’s blog STAYINGTHECOURSE.
I think this is an exceptional idea to aid with serious study of a passage. It relates well to both the reading and sharing phases. Of course under sharing I would include sharing your paraphrase with others and even challenging them to try this for themselves.
A variant on paraphrasing is praying the scriptures, putting them in your own words.