I am starting a Link Exchange ( Free and Paid ) site , so need script and for that. I like to have the complete portal like [url removed, login to view] or [url removed, login to view] where members can link to the site and can exchange the links between them ( Few Free and more for paid options ... ) .
And also a Link Directory like [url removed, login to view] will be there. And should be SEARCH ENGINE FRIENDLY - you know it is needed in these type of service.
And also in Home Page Left bar and footer - there will be option and space to put featured or sponsored site's text link with Google PR ( Automatic ) and and footer space for banners.