Dont worry too much about keyword densities of your web2.0s, create as many of them as possible and take good care of them so that they stick and are not deleted by mods. Treat them like your secondary money sites, add related images, videos etc to show the mods that you are not automating things.
It is never too late to continue building links, your rankings may continue to go down for a while and may even not rank at all, but soon you will regain your rankings provided that you have not been penalized in any way.
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