Remember, you can check the full document Paschale Solemnitatis on this site, among many on the internet.
It is good to note the verbs in this brief section.
66. The readings are to be read in their it entirety. The responsorial psalm and the chant before the Gospel are to he sung in the usual manner. The narrative of the Lord’s Passion according to John is sung or read in the way prescribed for the previous Sunday (cf. n. 3a). After the reading of the Passion, a homily should be given, at the end of which the faithful may be invited to spend a short time in meditation. (Cf. Roman Missal, Good Friday, Celebration of the Lord’s Passion, 9; cf. Ceremonial of Bishops, 319)
For most parishes I know, Psalm 31 and the Lenten Gospel Acclamation are sung–that is the standard “usual,” and probably for you readers, too. A homily isn’t an absolute requirement, but we read Rome expects it.
How short is that meditation time? It depends on the community, I would think. But Good Friday isn’t the time when we’d want to rush from the readings and homily right into the intercessions. My interpretation is that “may” should be “should,” even for a part of a minute.