SEOchat.com posts a decent reminder in importance and prioritizing. Using Google Webmaster Tools will only help if you get data that tells you what to do, though. As with all tools, use the data incontext and not as dictation. 1% SEO for the little things, 99% SEO for everything else.
The Five Most Important Things You Can Do with Google Webmaster Tools
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Table of Contents:
# The Five Most Important Things You Can Do with Google Webmaster Tools
# Finish Verifying the Site
# Second and Third Important GWT Tasks
# Fourth and Fifth Important GWT Tasks