I think the strategy of writing the article so Google will give you more link juice is definitely an idea that has died with the killer Google updates... but I'm sure a consensus of experts will tell you that writing it for the purpose of reaching out to that site's community and nofollowing it isn't a bad idea.
The strategy of primarily posting on your site is a good one, but I wouldn't necessarily rule out reaching out to parallel niches with a guest post regardless of the pagerank of the site.
If you haven't already done this, consider the level of engagement on that site. Consider whether the traffic meets the profile of your ideal client... if you aren't convinced of these factors, save your guest post for a situation where you could say yes in both considerations.