If you're sticking with blog commenting only, that's not enough. You know, there are many link building methods and techniques that you can use.

It's about exploring new things.

That level for blog comments is ok but you need to get more than just blog comments to create diversity in your link profile.

If you're not commenting too heavily, I'd only go for the higher PR / dofollow posts. (Which are admittedly hard to find.) Otherwise I think you could be spending your time doing something else that is more effective.

If you can, pick up Scrapebox for $57 @ cheapskate - ScrapeBox

Yes, it can be used to blast away at thousands of blogs. A lot of people look down on the software because of that, which is understandable. However, it is also the BEST harvesting tool available. Once you've gotten the hang of things you can find literally hundreds of niche-related, PR1 or higher, dofollow posts to manually comment on.

It is also the best multi-purpose IM tool. It's got a ton of different functions.

I agree with what everyone else above me has said. You're definitely not over doing the link building but it is important to diversify. If you're doing blog comments manually you should be going after the quality link, the ones that have some PR and are do follow but it's also a very good idea to mix up your link building efforts. Social bookmarks, article directories, blog networks, press releases, document sharing sites etc.

You should probably try other methods as well like BMR (buildmyrank)

I think that is a respectable amount to be doing by hand. I personally feel that slow and steady can win the race in cases like this. I would also recommend that you add some other techniques and methods to your strategy.

Are you noticing any real improvement in the SERPS yet?

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Is a good idea, why not trying it out and let us know the result.