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So I'm working on a brand new project, and want to go after my competition rather aggressively. I have a long list of industry resources, including blogs, articles and directories, and several news/media/press release type sites that I could have link to me in a very short amount of time. How fast is too fast? Is there a penalty for getting links too fast if they are all legit?

I am working on the SEO for a company that sells commercial construction materials and I am noticing that the vast majority of the older, authoritative construction related sites and directories require a reciprocal link to be linked to from their site. 1. If I create a reciprocating link, but nofollow/noindex that page, is that seen as blackhat? Will I see any benefit from this over a link passing page rank? 2. Will these reciprocating links hurt me, or are they worth the risk within a young portfolio? I am seeing well ranked sites listed such as justblinds.com, this would imply they reciprocated a link as well?

Recently one of my good friends updated his iweb based screen printing site to wordpress per my recommendation. This update has helped dramatically boost his rankings to #3 for most local keywords. This new site is now V5 of his site, but all older iweb versions are still on the ftp. There are a total of 209 pages on the ftp, as versions of about 30 actual pages. The pages have changed significantly with each update, leaving very little duplicate content, but the old ones are still on the google index. Would it hurt the rankings to clean up these older versions & 301 redirect to the new versions, or should we leave them? The site for reference is: http://takeholdprinting.com