I was typing out the letters as I saw them, and I noticed that I interpreted many of your "S" as the number 5, but after looking at the way he wrote "S", it appears relatively consistent throughout the text.
So letter groupings became interesting: SE - 66 matches RSE - 18 matches
In the first document TFNRE appears twice.
Here's my interpretation from looking at the two documents (I really wish there were seriously high resolution scans of these docs, it'd help to sort out the asterisks which I used to represent characters I couldn't reasonably identify)
(M*ADMKNE#R-N-STA-KNARE) (ACSM)
*TFRNENP*NSEWPBSERCBBNSENPRSEINC
PRSENMRSEOPREHLDWLDNCSE(TXFLFTCXLNC*E)
AL-*RPPITXLYPPIYNCBEMEKSE*C*SEPRSE
WLDRCBRNSE*T*SNE*TXSE-C*SLE-CITRSEWLDNCBE
ALW*PNCBETSMEL*SERLSEVRGLSNEASNWLDNCBE
(NOPFSENLRENCBE)NTEGDDMNSENCURER*BR**
(TEWETFRNENC**TSENCBEI*G)
(FIRSEPRSEONDE71NCBE)
(CDWSEPRSEONSE74NCBE)
(PRTSEPRSEONERDE76NCBE)
(TFNGCMSOLEMRDELUSETOTEWLD*WLD*CBE)
(194WLD'SNCBE)(TRFXC)
Page 2 ALPNTEGLSE-SE ERTE
YLSE MTSE-CTSE-WSE-FRTSE
PNRTRSEONDRSEWLDNCBE
*WLDXLRCMSPNEDVLDSTSMEXL
DULMT6TUNSENCBEXC
(*UNSARSTENMUNARSE)
KLSE-LRSTE-TRSE-MKSEN-MRSE
(SAE6NSESEMRCE)
NMRCBRSNEPTE2*TEWSRCBKN*E
**MLSE74SPRKSE29KENO*OLE17SRTRSE
8S*LECLG*E**NUTRE*KRSEPSESHLE
6SIMTCSEHTLSENCUTCTRSNMRE
99.84S2UNEP2SENCRSEAOKTSENSKSEN*SE
NSREONSEPVTSEWLDNCBE(JXORL)
*NMSENRSEINRNTRNTRLERCBRNSENTSRCR*NE
LSPNSENGSPSEMKSERBSENCEAVXLR
HMCRENMRENCBE 1/2MUNDDLSE
D-W-MIYMPL XDRX
This is the sort of problem I'd like to give to my child (as Douglass Adams states throughout his books) ... no bias or formula to work with. The "Street Smart" comment struck me a bit. When I was a kid, being "Street Smart" was a compliment used in contrast to someone who is "Book Smart". Being "Book Smart" was bad. Street Smart == Application of knowledge, Book Smart == would beat you at trivial pursuit/Jeopardy, but wouldn't know what to do with that knowledge.EDIT: Ahh, half my comment was missing!