Marcia - 7:38 am on Dec 1, 2001 (gmt 0)

Welcome to WmW, bvigorda.

Most likely any software that helps with the mechanics of link management will be helpful for saving time, but more important is how the links are chosen.

You don't want a FFA (free for all) link exchange, that won't do any good. Rather, you'd do better choosing targeted, on-topic links that are relevant to your site. You'd probably be better off pre-screening the links instead of letting people just add them indiscriminately. That could get you some unwelcome surprises.