It is unlikey you will get any notable PR boost by exchanging links. If it is a high-traffic blog you can exchange links with a NoFollow attribute - it will just give you traffic.
Anyway, I haven't seen G penalizing sites for having irrelevant backlinks. The most important thing is not to link out to bad neighbourhood.
If you are interested in a deeper research into Page Rank, you are welcome to visit my blog (in the signature).
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