How old was Joseph when this blessing was given? Probably under ten years old, perhaps just barely old enough to understand what is being said here. But how would this have impacted the life of a very young person, especially one in Joseph’s situation?
He is reminded of his namesake. Joseph of Egypt was a man of great accomplishment, and it is good for young people to know for whom they have been named. That would have had a powerful effect on young Joseph. This is something to instill in a person at a very young age, so that at a young age one can appreciate the tradition and background one comes from.
Lehi will quote heavily from the scriptures as he speaks to Joseph. Jacob will be set apart as the priest, and Joseph will be set apart as the teacher. Joseph is, in a way, being mentored. He is being taught how to teach. You read the scriptures, you apply them to your situation, and that ties in to the need for establishing and maintaining their traditions.