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Not the best idea. If you want to do link exchanges, it's best to do it indirectly. You will need more than one site for this. So if you want a link from site X to your site A, you give them a link from your site B. That way it's not a direct link exchange. But of course, the niches need to be...

It really depends on the quality of the backlinks. I would spend a lot of time going through the backlink profile. It can be very good, very bad or meh. If it has a ton of spam links, then its a definite no. If the backlinks are legit, I would look for the top pages that had a lot of backlinks...