Of course I also question the value of the 'high profile SEO' as well. The really successful people generally don't toot their own horn so much, as they know that bringing attention their way can be disasterous. Also, someone who's truly successful with SEO will always do better developing their own sites than they'll do working for clients (I've only seen a couple of exceptions to that rule).
I do this all of the time. I have about 4 sites right now that I am helping out with mentoring... usually the sites I mentor end up being sold, which kinda annoys me, but whatever... As a marketing specialist, I think it's important to help out people every once in a while, especially the new guys. It helps me to get new clients in the future as well...