I don't have any problems reading text on my 13" MBP. In fact, I use the smaller font for MacRumors. Plus, you can always pinch in order to enlarge your text.
As queshy pointed out, it's not about the text size, but the information you will be able to fit into the screen.
For college, I'd strongly recommend the 2.26Ghz one, if you won't be performing heavy-duty tasks, which I doubt you will on a 13" screen. If you go for 2.26, you can order a 4GB one, with a 500GB HDD in order to store all of your files, at the same price as the 2.53 one, or a 320GB HDD for $50 less 🙂 I don't think you will get to feel 200Mhz difference.