No, as great as William Shakespeare is, and I adore the Bard, all students should not have to do a special paper over his works. Students should specialize and use their time and resources on their field of study. It would be an illogical use of time and energy to ask a physics student or an electrical engineer to study Shakespeare, especially at higher institutions of learning, like the university level. In this time and age when education is becoming more and more specific to student's career path, students need to focus on their core curriculum to be the absolutely most competitive they can be.
I do believe that students at the grade school and high school level should have an opportunity to experience Shakespeare, but as for higher education, students should be allowed to focus solely on the course of learning that will help them be more competitive in their future career.