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It's such a subtle difference SEO wise (if, in fact, there is a difference at all) that it really works out to what's best in terms of the user experience (internally or externally). I wouldn't waste much time considering it--just pick the one that seems to work best for your architecture/visitors and go with it.
Any drops in traffic during those times? How many times has it disappeared? If you made substantial changes to the pages that were showing up in the results (content, navigation, programming), that could possibly cause such a thing.
The two get aggregated or the most restrictive gets used so in this case, you'd get
http://googlewebmastercentral.blogspot.com/2007/03/using-robots-meta-tag.html
Alan,
I have feeling that if you have to ask that question and your thinking starts off in the under $500 range, you may have a hard time understanding or recognizing why the actual cost for what you're looking for is going to be so much higher--and what you will actually be getting for your money. In any case, you should be prepared to sign a year agreement that binds you to pay a total yearly sum and that stipulates exactly what your contractor is going to achieve for you. Absent that, one or both parties is very likely back out early because of misunderstandings of what is being provided and/or what is required.
Linkbuilding is by no means a causal engagement--the future of your company/website is at stake. Just as you would educate yourself for any major investment by your company, you should be very, very well educated on the topic of linkbuilding before investing your company's money in it.