In order to be most useful for testing, a testnet should copy the technical characteristics of the tested blockchain as much as possible, including the PoW scheme.
So, attaching a value to testnet tokens would mean that two blockchains would compete over the same hashing resources, but without any innovation that could possibly stem from that competition.
I don't see how this could do anything but harm these blockchains.
Merge mine testnet? *shrugs*