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These links were set up as graphics, but i told them to change them to be text links. I did this becuase i wanted to benefit from the text in these links both for the link text on the page they are on, and for the relevancy associated in turn to the pages they link too.
Did i make the right suggestion, or does link text not matter?
There's more discussion about text links in these threads, and you can probably find more by using site search or by searching WebmasterWorld on Google:
Avoiding excessive repetition in global text links
[webmasterworld.com...]
Navigational Text
[webmasterworld.com...]
As mentioned in one of the threads, linking in paragraph text is another good way to introduce optimized anchor text.
...would using an alt tag with the graphic link not have the same effect?
Google isn't paying much attention, if any, to alt tags now, and I doubt if they ever gave them anything like the weight they give to link anchor text, which is considerable. I don't really think they give much weight to the title attribute in a link either, though that's probably better than the alt tag.