Technically it's the first 25th minute after you have 10 posts that it will appear. The system runs an hourly cron job (on the 25th minute of the hour) to look for user promotions.
I'm still on vb2 and I'm pretty sure there's no "scheduled tasks"- if it is there, it's hidden pretty well
Try to focus on just 'one way' back links, i.e. a link from a site to yours. Google views it as a vote in favour of your site and takes your site more seriously. Reciprocal links tend to dilute the back link 'power.' Spend some time submitting to website directories (invest in an good automated system if you can afford it) because this will improve your back link count. Over time you will have hundreds of back links and they all matter. A back link from a high PR site (2+) will be viewed as a sound vote of confidence by the search engines and it will hoist up your site in the rankings scale. Regards