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Welcome to Webmaster World [webmasterworld.com].
Frontpage saves the page as a whole, including shared borders, any included pages and any substitutions, so the page that is served includes everything, just like any other page.
As long as your links are readable by Google, i.e., straight html, drop-down box, etc., it will have no problem following the links.
Jim
I've used Front Page's shared borders with links in a border and it had no problem with Google.
If you look at the source of the page through your browser when it's on the WWW, the only thing a page with borders has that is different than a page without borders is a meta tag like this:
<meta name="Microsoft Border" content="l, default">
and this comment <!--msnavigation-->.
You will typically rank much higher keeping your content near the top of the source code.
I still use FP but now I open my pages in Notepad after they are finished and fix all the weird stuff it does so that it will validate. No way is an FP page going to get through the validator at W3C without some tweaking.
Oh, and my page validates at W3C with no post-frontpage tweaking.