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Personally what I would do is build the link list and take submissions as well as build freesites and submit to other LL's as well as your own.
Once you get PR, some traffic from the freesite recips etc, then go and add your site to the LL category at most other LL's.
This will give you even more traffic. At the same time optimize your site for the SE's, and continue to submit/build more freesites.
Once you get PR you could then go to different link lists and ask if they want to exchange index and category based trades and that would be a good start.
As far as buying traffic for link lists I'm not sure if that would work or not as I never bought any for mine.
Andy
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