Google Blog Search is something I haven't really thought about too much before as I have relied mainly on normal Google searches to produce traffic.
From what I can see it pays to have the 'right' blog title and blog address to get a good supply of referrals from Google Blog Search. If you get this right you can get listed at the top of the page as a 'related blog'.
As an example see the screen shot below. I have a small blog about the UK television presenter Konnie Huq and my blog is listed at the top of the page as a 'related blog'.

I checked a few more of my blogs and I also get listed as a related blog for Celebrity Insider, Helen Flanagan, Celeb Tease and a few others as well. Being listed at the top of the page must obviously an advantage.
To get in this position I see it as being necessary to think about keywords that will most likely be used in a search and include these:
(1) within the blog title/name and
(2) within the URL.
This is something that many of us don't consider properly prior to setting up a new blog.
Having keywords in a blog name, URL as well as in post titles and the body of posts appears to pay dividends - both with the normal Google Searches and also with Google Blog Search.
A little thought and forward planning at the beginning of a blog's life can make a big difference.
Good luck,
Mike.
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