First of all I would recommend you not to use Link Exchange strategy for getting backlinks for your website, because Link Exchange hasn't been that much beneficial as it used to be. Two cases are there with link exchange: 1. You would distribute your website's PR juice to someone else i.e. to whom you would be exchanging link. 2. Your website might be the victim of Search Engine's scrutiny process because search engines have put the link exchange way into a black hat seo way. However, link exchange does still hold some value with it's strong benefit of content matching. In other words when you exchange a link with a website that is exactly similar to your website then you are getting a quality backlink. In a nut shell, Link Exchange should not be used for getting backlinks. Hope this could help you.
In my opinion no benefits of doing such type of task in SEO. Try to exchange your link with high page rank site not with low page rank site.
Agree with ashokpatidar, IMHO, maximizing your site's Unique and Quality traffic will also give you a page rank. as of now google is no longer prioritizing the PR. they are now into high relevancy and authority. besides why would you waste your time having a link with zero when you can get it from Social Media and Article Postings from high authority sites for free??