Is it good, but don't overdo it. There is such a thing as over-optimization. Don't bold every single instance of a keyword. Just to it once per keyword per page. And most important, only do it when it seems relevant. Remember, you're designing for humans, not bots. If it bolding a keyword in a certain spot would leave your audience scratching their heads, I'd think twice.
And while you're at it, don't have too many instances of the same keyword on a page. That does more harm than good. Once again, think about your audience and what sounds natural.
Also, it's OK to nofollow links to lower quality sites; it's probably even best. It's really up to your judgement. After reading that SEOmoz post, I think you'll be able to determine when to use nofollow and when not to.