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WebWalla - 4:12 pm on Mar 8, 2005 (gmt 0)
Definitely vary the keywords and definitely link to different pages. I have no hard proof of any of this (who has?) but that's just my impression based on certain observations of how my own sites have performed.
If you already have more than 3000 or 4000 organic links to this site then I think you should be safe, but if these links are going to be a very large percentage of the total number then I would be very wary of using them, particularly if they all come from the same site.