Yea, guest posting can provide valuable links, which will rank your site relatively quick. Just focus on the content and getting good relationships with bloggers in your niche. Forget about all directory submissions and blog commenting.
In business like that, you probably want to do white hat...
I have to say that blog commenting still works fine, even though Google constantly denies it. A few spammy links from high-PR blogs don't stand out from natural link profile. Besides that, I fill my link profile with directory submissions, blog commenting to moderated non-spammy blogs and forum...
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