I noticed that some pages on my website that shouldn't even be in Google Index have higher PR that the home page. Sometime ago I forgot to block them and now that's what I have.
I realized that I didn't pay much attention to things like PR Sculpting and now I have a few questions:
Pagerank has not been updated in half a year and the pipeline they use to perform toolbar exports is broke as is noted in this thread [webmasterworld.com]. As a result, the pr values you see are quite old and may not accurately reflect the true pr of your pages.
You are correct in that using nofollow on internal links does not prevent the flow of pr.
My opinion: add noindex to the pages that you want out of the SERPs, but allow whatever PR you've got to flow freely within your site.
When you're wanting to sculpt PR, think more in terms of digging new/deeper channels for it to flow, and less in terms of trying to block it.
Examine your templates for redundant links that could be trimmed sitewide. I've seen many footers that merely duplicate links that already appeared earlier on the page. I'm not sure what that does to the PR calculations but I don't think it's A Good Thing. Maybe a single "Back to Top" link would be just as useful.
Side comment: Make sure that robots.txt doesn't block your noindexed pages. The spiders need to be able to read the fact that you want them noindexed!