Learn to read cursive, definitely; learn to write, at least that much would be good in order to learn to read it one might imagine. Drill it and try to make cursive standardized in some way - what's the point in that if it's clearly never going to happen?
Typing and learning to read and write print is plenty essential, once we've mastered it; maybe re-introduce caligraphy or cursive in creative writing or art classes sometime later, like junior high, when the art aspect can be appreciated. I don't feel it should be pushed as much as it is on kids and I agree with that. My personal experience, I type all the time, I even write quite often, but tonight I'm attempting to write a cursive note, probably the first time in a decade and I realized I've forgotten any decent way to write a capital T (I've managed to create a dozen which would do the trick and believe I even have the right one, but it's ugly I feel, which led me here, perhaps a cursive T which is not so ugly?) so I go online and find this chatter. Very interesting but impossible to read everyone's comment after awhile.
That having been said, my point I have is this... to learn to read all script and write legibly is key, couple that with typing and a class of creative cursive/caligraphy/writing for flair and we should be good. There are many other much needed real-life lessons which could be taught, hopefully our wisdom with this will catch up with our relentingless to let go over pride and tradtion concerning our many misplaced priorities.