What is the safest way to back up a failing mac hard drive - when some files are more important than others?

When you say "some files are more important than others" you're thinking about your user data i guess.

For me the best way would be :

  1. install a compatible Mac os x system on an external drive. Then boot from this drive and instal Carbon Copy Cloner (free one month in test version)
  2. inside CCC select your important data and clone them in a directory of your external drive.

So your internal disk will not be too busy and this will allow you to save what you want.