Here is the procedure...

1. Install FF SEOQuake plugin. It will be needed for searching.
2. Go to adwords.google.com/select/KeywordToolExternal
3. Type the main keyword that you want to research, I suggest use exact match.
4. From the result that google provide, try to find long tail keywords 3 or more words, at from 800 - 5000 search per month is okay but if you see more higher searches you can get it..put it on the excel to organize.
5. Time to check your keyword for competition,it is the critical part of the keyword research.
6. Go to google.com , be sure that you activate your seoquake, then start searching for the keywords that you get from google keyword tool. After seeing the results, using the SEOQuake plugins check the PR of the top 10 search result. If all the top 10 results is pr 0 or n/a for sure it is easy to target the keywords... You only needs 5-20 back links for you to be on the first page.

It is hard to find the keywords that you will target that has a PR 0 n/a in the top 10 results, But if you gather it all, it's just like you are mining gold.

The PR value of a webpage has little or no effect as to where it ranks in the search engine results pages.

The link building formula you suggested to overtake keyphrase competitors is somewhat humourous although a common misunderstanding.

Keyphrase competitions are substantially more complicated than "the winner is the one with the most links" as a matter of fact, on-site conisderations play a vast more important role in ranking than off-site factors.

Thanks for your sharing and I think get targeted keywords directly from your competitors on the same niche would be more effective. I use semrush for this purpose. :)
Just as 'canadafred' mentioned above, PR has little impact on SERP.

The PR value of a webpage has little or no effect as to where it ranks in the search engine results pages.

The link building formula you suggested to overtake keyphrase competitors is somewhat humourous although a common misunderstanding.

Keyphrase competitions are substantially more complicated than "the winner is the one with the most links" as a matter of fact, on-site conisderations play a vast more important role in ranking than off-site factors.

I agree with you..the value of a PR in a website has little as to where it ranks BUT it can help you to determine whether the site is being SEO...:)

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