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The Link Building process is time consuming and needs lot of efforts. However, the process that involves manual search, manual emails and manual checking, as you have said should be the most effective method. While this requires extended efforts, the benefits are worth it.
Sooner or later, doing this, your PageRank will increase.
About the importance of PR, please note that PR alone is not that important to a web site but it DOES play a very crucial role for a web site to be ranked high.
The importance would depend on your website's purpose. If your websites relies webmasters and advertisers, then PageRank is very important, since they would analyze your website worth basis the PR.
However, for a content website, this might have a less importance.
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Kneoteric.com
SEM India
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