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AFAIK, they have no problem with that. You can test your page using a sim spider [searchengineworld.com], to make sure.
The answer is NO, they'll not have a problem with the code, and NO, they will not follow the (action) link in a form. Inside the body, the only thing they'll follow is <a href> tags. I don't know whether they'll follow a <link rel=...> type in a header, but it is a possibility.
Anyway, I just used <td><a class="menu" href="http://cnn.com">CNN</a></td> and my custom buttons with text-over showed up as a link in the sims spider.
Thanks all :)