Reading with a print text and a print lexicon is as basic as it gets. This is the way I read today, but like all the other ways of reading, it has its benefits and haunting feelings of guilt.
There is freedom here. No notebooks on the table, no pens to refill with ink, no laptop or tablet needed. Just a text and lexicon. When reading this way, I prefer to use a concise lexicon. So on the table I would have BHS and The Concise Dictionary of Classical Hebrew, NA28 and Danker's Concise Greek-English Lexicon of the New Testament, or Rahlfs and Muraoka or LEH. Sure, Muraoka claims to be a "fully-fledged lexicon," but it better fits my expectations of a concise or intermediate lexicon. For Biblical Aramaic, Vogt and Fitzmyer is great. When a more comprehensive lexicon is needed, I will generally open an electronic version of HALOT, BDAG, or LSJ. If I'm home, BrillDAG is always handy.
This is a reading workflow that minimizes distraction because only rarely will the concise lexicons be unable to answer whatever vocab related questions that arise. I'm able to forget about everything else and be more immersed in the text.
In addition to the lack digital distractions, there is also the fact that I don't have to worry about taking notes. When you take notes on everything you look up, the reading experience can turn into more of a note taking experience. When you close the books, it doesn't feel like you have just stepped out of the wardrobe, but out of the classroom, where the teachers are dead lexicographers.
Of course, reading this way also forces me to think through the morphology of forms and not rely on digital helps to parse words, but I do this no matter how I read. I have never made digital resources crutches. I don't personally know anyone who has. I think many who recommend a completely analog way of reading do so for fear of "digital crutches." While this is no doubt a legitimate concern in a seminary classroom filled with students juggling family and church and work and academic schedules, anyone reading this far into this post should probably shirk such feelings of guilt. You are sufficiently dedicated to reading texts in their original languages that any sort of guilty feeling concerning digital crutches is misplaced guilt.
Reading with print text and lexicon encourages me to linger a little longer over the lexicon entry. I want to remember the word's semantic range next time I come across it, and I am not taking notes I can look back on. In a related line of thought, I'm also not dependent upon the gloss provided by a reader's text. I can get the full semantic range every time I look up a word — or at least the full semantic range a word has in a given body of literature. If I'm working with a good concise lexicon, at a glance I will also see all the forms of the word or at least its principal parts.
Finally, this way of reading will work with any language or body of literature. You don't have to wait on someone to make a reader's this or that. As long as you have a text and lexicon, you are good to go.
This way of reading is a little slower than reading with a reader's text and faster than reading with paper and pen, but is it a happy medium? Well, it is hard to shake the feeling that I should be taking notes on everything I look up, but I think it is. Using a print text and lexicon is a solid way of reading, and the benefits far out weigh the negatives. I think I was first encouraged to read this way by Charles Halton in a Hebrew exegesis class, but I haven't spent as much time with this MO as others. I'm going to continue reading this way over the summer, but you read however you want.