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In fact the PR is now very abstract value because people learned how to raise it artifically very well. PR itself doesn't mean much, it only affects some other factors such as frequency of Googlebot attendance and something like that. Do you need PR or do you need visitors?
Anyway, you are thinking the right direction.
1. Yes, one way inbound links are always better than reciprocal. You can create one more site and exchange with others by triangle scheme: you link to SomeSite from YourSiteTwo, SomeSite links to YourSiteOne, then if you want you link from YourSiteOne to YourSiteTwo. In this case you can also prevent spreading your pagerank by removing all outbound links from YourSiteOne so that PR is accumulated on it. It's like a water pipe system.
2. Yes, you should link with related sites only. The relation may be not too close, but anyway quite offtopic links may not only be ineffective but may even do some harm.
3. Yes, linking TO related sites is sometimes good, but this mechanism is not learned enough to tell exactly. If only a site has a greater PR than yours then your PR will not spread, other way you have a good chance to raise someone's PR for free.
Also please note that linking is not the best way to gain visitors. The best way for it is offering visitors some interesting and original content that is updated regularly, so they will return theirselves and also bring their friends. This is called 'word-of-a-mouth' promotion.
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