Two important questions for all the super SEO nerds! I mean guys! LOL! I'm probably emailing the next Sergie or Bill Gates! :)
1. Say I have a brand new website with a Page Rank of 0 will it help me, hurt me, or do nothing with the search engines if I get reciprocal links from say a PR2-7 website BUT it's not theme related at all? (ex: say I have a travel site with PR0 and reciprocal linking to a pet food site with PR5 for example!
2. Say I have a PR3 on one of my websites in the travel industry, should I still allow reciprocal links to other travel related sites with a P0-PR2 or only link with other travel related sites that have a PR3 and higher?
We are here exactly talking about link building. My point of view is with that approach to do exchang such kinds of(PR 0) or not. Sometime, 0 PR sites hurt when you exchanged with if they contain a bad result of outbound links. It doesn't always but. I mean you have be a lot consious before doing exchange with lower pr sites then you. Well, otherwise I don't think so that it's is completely harmful to you site. X side should be related your sites base.
>>>(ex: say I have a travel site with PR0 and reciprocal linking to a pet food site with PR5 for example!
Well, is there a page on your site about all the available pet foods in that region and what many travelers have found unavailable there when traveling with pets? Do you have tips on how to travel to bumblehuck with a pet? (get the drift?) - aka do you have a reason to send your traffic to a pet food site *and* vice versa? If you can send each other quality, targeted traffic - go for it. I guess at this point, with quality sites, I don't do exchanges without taking traffic and/or targeting/conversion potential into account.
As far as toolbar pagerank, I'd go with your gut and instincts about the site and only use the green bar as one teeny and lesser important factor in your decision making process.