It definitely is worthwhile! I had a .net domain in first page of google.com and nowhere in google.co.uk for easy keyword. After I change the targetting to UK I got #5 position in the UK. I didn't do any backlinking during that time so I'm confident that it happened only because of the geo targetting.
Yes, geographic target setting gives advantages to fulfill target. It helps to rank high in a particular search engine as well as increase geographic traffic.
If you want to stay under Google's radar and not use Webmaster Tools, then an alternative would be to use a UK hosting company for the site. Having UK TLD's would help also, e.g. .co.uk. If it's a business and you want to rank in a specific location in the UK, you could create a Google Places listing.
Off page, get a diverse range of links from UK sites; directories, blogs, authority sites, Web 2.0's, etc.
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