FranticFish - 12:41 pm on May 5, 2010 (gmt 0)
I don't believe Google pays any attention to the link text internally used to a site's root
I think they do notice and that this can be part of an over-optimisation-penalty. A few years ago I relaunched a site and added a footer link on the key phrase to the home page sitewide. Home page rankings dropped 30 places. Removed the keyword link, rankings went back to where they were.
As Tedster said, I think the key is whether it's a new site or an existing site that you do this to.