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Dustin, I feel you..
I started 2 sites.. similar content on both. 1st one not SEO'd at ALL.. no changes, just a few links in the beginning.. my second site.. SEO'D to the max.. consumed my time, and marketting budget. all white hat.. now, a year later.. the 1st site is getting about 15% of the traffic of my optimized SEO site... 15% about 1/8th.. BUT I put in 1000's of times more time into 2nd site..
My conclusion in optimizing my time it to build more sites and do minimal SEO (link building etc.. ) to get the most traffic per time spent..
Like you said it's sad to see your rankingings fall as you helplessly sink into your chair..
Anyway.. the best of lulck to you. hang in there.
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