I read something recently that suggested doing only 20 real blog comments to the home page and 5 to each of the internal pages. The basic money sites I am building have anywhere from 5 - 10 real pages of real content (posts are on auto pilot for some). At that rate, it wouldn't be too hard to do real blog commenting as opposed to commenting spam. Even as slow as I work I think I could do the comments for one site in a week. Well, as long as I don't get sidetracked actually reading the blogs.
I honestly don't know if this lower rate of commenting would be of much help against those who do comment spamming but then I'm in the party that thinks links should be from a variety of sources and be of a variety of types.