Why do you want to raise it? its not a directory, and is not going to be a good ROI unless you sell links. Focus on SERPs, dont waste your money on PR.
From my understanding I can raise my back links PR by increasing my Home (index) PR, is that not correct?
lol ya pretty much but it might be a bit costly ;-) work on building low pr links for long tail keywords and you will boost traffic. traffic & sales or clicks are more important than pr.
so if I use a keyword term like JacksonvilleJaguarsWillBeSuperBowlChampions as link text will it rank for individual words or as a string?
And the point would be? Why not split it up? If that were your url, you would rank for individual words. I am not sure about anchor text though. I wouldn't recommend it, since correct spelling always looks more competent.