Found my old wallet, is it empty? So I found my old wallet from 2011, I was able to pull my address and my PrivateKey using  pywallet. I downloaded Bitcoin-QT, copied the old wallet over and reran with -scan. Since it was a new install the blockchain is still updating (not finished as of this post).

I searched my address at blockchain.info and it said that address didn't have a balance. With that being said, are my efforts at recovering the wallet pointless? I pulled the wallet off an old drive so it hasn't connected since 6/2011. The entire directory is intact and the block that was processed is still in the directory as well, about 301MB big. Not sure if that helps me at all in this case.

EDIT: Here'e the pywallet dump with critical data removed. The fact that there is nothing under tx makes me believe that I'm wasting my time.

{
"bestblock": "REDACTED",
"ckey": [],
"defaultkey": "1PSatNhRDmmR6rfK5c9XJvqwB92z7beRa",
"keys": [
    {
        "addr": "1PSatNhRDmmR6rfK5c9XJvqwB92z7beRa",
        "compressed": false,
        "hexsec": "REDACTED",
        "label": "",
        "private": "REDACTED",
        "pubkey": "REDACTED",
        "reserve": 0,
        "sec": "REDACTED",
        "secret": "REDACTED"
    }
],
"mkey": {},
"names": {
    "1PSatNhRDmmR6rfK5c9XJvqwB92z7beRa": ""
},
"pool": [],
"settings": {
    "addrProxy": "127.0.0.1:23075",
    "fGenerateBitcoins": "False",
    "fUseProxy": "False"
},
"tx": [],
"version": 32100
}
It's worth keeping in mind that your "wallet" doesn't actually contain any bitcoins. What your wallet contains is the private keys that permit you to spend coins that have been sent to any of your addresses. Which addresses have been sent coins is a matter of public record (the blockchain).

If you had previously received (or mined) coins using one or more of your addresses that are contained in that wallet, then the record of those transactions will still exist. Note that your wallet likely contains more than one address, particularly if you've used it for anything at all. The address you have shown in your question has not received any coins.

If you have copied your old wallet.dat file into a new Bitcoin client, the first thing to do would be wait for the blockchain download to complete. Your client won't know about any coins that have been sent to the addresses in your wallet without actually seeing the whole blockchain.