What do we learn from "Ki Im b'Soras Hashem"?
Rashi: Sitting among scoffers (mentioned just before this) leads to Bitul Torah.
Radak: If one veered from evil but did not do good, he is not called happy; "Sur me'Ra va'Aseh Tov" (34:15)! Even though if one was passive and did not sin, he is rewarded like one who did a Mitzvah (Shocher Tov here), this is when he had an opportunity to sin, and was saved from it. "Sur me'Ra va'Aseh Tov" - in order to do good. "Af Lo Pa'alu Avlah bi'Drachav Halachu" (119:3) - one who overcame his Yetzer ha'Ra is considered like one who did a Mitzvah; even so, one who did not do evil must go in His ways and do good deeds.
Malbim: To be happy, one must veer from evil and also do good. This is not good etiquette, like philosophers made up, rather, Toras Hashem and His Mitzvos.
What do we learn from "Cheftzo"?
Radak: This includes learning and acts, like "Asos Chafatzecha" (Yeshayah 58:13). A deed will not be proper without learning.
Malbim: He must engage in Torah only because it is good, and due to Hashem's Mitzvah, and not for other reasons, e.g. hope to get reward and benefit from it. His desire must be Toras Hashem.
Why does the verse call it Toras Hashem, and also Toraso (of the one who learned)?
Rashi (from Avodah Zarah 19a): Initially it is Hashem's. After he toiled in it, it is called his.
Radak: Toraso is repeated in the verse, just like Noach is repeated three times in Bereishis 6:9, and [Bnei] Yisrael is repeated five times in Bamidbar 8:19. This is done in Leshon ha'Kodesh, for a clear expression.
Malbim: There are two aspects of perfection - investigative and deed. Investigative perfection is called Toras Hashem - it teaches knowledge of Hashem, and His ways and truth. A person cannot fully attain this. It suffices that this is his desire and ambition, and he strives to attain it and seeks it. His perfection in deed is Toras ha'Adam. It teaches him what to do, and what not to do. This is called Toras. Day and night, he must learn this, in order to fulfill.
Michtav me'Eliyahu (1, p. 106 citing R. Simchah Zissel): One can properly understand Divrei Torah that he hears only if he considers it as if it is his Chidush. When one considers Toras Hashem like his own Torah, "Yehegeh Yomam va'Laylah."
What is the meaning of "Yehegeh"?
Rashi: Hagahah is always in the heart, like "v'Hegyon Libi" (19:15), "Libecha Yehegeh Eimah" (Yeshayah 33:18), "Ki Shod Yehegeh Libam" (Mishlei 24:2). Radak - the Mizmor already mentioned learning and deed; now it mentions intent of the heart and thought. Day and night, his thoughts should be on Torah and Mitzvos. Therefore He commanded about them in every act, like it says 'all your deeds should be l'Shem Shamayim' (Avos 2:2).
Radak: Perhaps it is learning orally.
If he will engage in Torah day and night, how and when will he engage in his work?
Radak citing Shocher Tov: Anyone who fulfills the Mitzvah of Tefilin, it is considered as if he learned day and night. Some say, anyone who recites Keri'as Shma day and night [it is considered as if he learned day and night].
Radak: Perhaps Yehegeh is learning orally, and "day and night" is whenever he is free from engaging in his income, during the day or at night 1 .
Can we not explain so (whenever he is free, during the day or at night) even if Yehegeh is in his heart? If you will say that one can learn in his heart even while working, Radak should have given this answer! (PF)