It's called PageRank sculpting, it seemed to work fine for a while long ago, but Google keeps changing it's interpretation of 'nofollow' links (PR just vanishes at the link or goes through anyway before disappearing, in any case not helpful for sculpting PR),
Probably the best way to sculpt your site would be linking to non essential pages only when strictly necessary or using the 'noindex' tag for those pages, you can read more about it on the following links: