"What formats would you recommend for our two new signals?"
I'm the last guy in the world you'd probably want to ask that, since I haven't worked in anything but news/talk in 25 years, and before that I was making my living doing news within full service AC stations, except for a side trip into CHR in 1977-78.
One format I WOULDN'T suggest? News/talk. It's an overcrowded format in the Rochester market with only two stations in the whole TSA (one commercial, one non-comm) each with a 25+ year track record and able to crack a three share among a total of a good half dozen total players within the market (not to mention several out-of-town signals that spill into the six county area, most notably WBEN's sibling signal WLKK/107.7 coming in strongly in the western burbs and the city of Rochester, and WSYR AM/FM out of Syracuse heard in the eastern part of the market in Wayne, Ontario and Seneca Counties). Not a format I'd want to muscle in on, given that six to eight competitors beat me to it already.
Conversely, where is a pop standards/true oldies station? And I don't mean classic hits, I mean real oldies and standards. There's an opening for such a station right now in the 6 county Rochester area. Beyond CFMZ in Toronto, which hits the whole region and shows up in both Rochester and Buffalo books because it's unique but is literally a foreign station, there's nobody there. A real local player in that format would be unique and gather a faithful following.
Just my opinion...