Hi K
You've posted some good questions and some of the seniors here will have to help me out, but there are no easy answers to your questions, and things are very dynamic at the moment with many of the pages I have been reading on the subject out of date in less than a year.
I'll post some thoughts and some suggestions if you don't want to learn php scripting

, but wait around for some more opinions.
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Originally Posted by KSA
Since the quickest test is just looking at the link string,
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Yes, but looking at the link string is the least reliable method....
Sometimes the link can be there, plain as day, and you can click on it and go to the the page it says... but a search engine might never see it, or follow it to your site because it's either:
hidden from from one (in a frame for example),
forbidden from following one (by a metatag or some other exclusion method) etc etc etc
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Originally Posted by KSA
is there anything that appears there that would make the link worthless before I even start to check other things?
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if your pagerank toolbar were greyed out.... maybe
A cursory look at the source text .... possibly
I review a directory by hand and imagine I'm a would-be user. Then I read the source code of some of the pages, read the robots.txt, scan the links page with a bot simulator, look at the site in google, look for references in the site with google, check for a cached page in Google, check the page of interest and compare it with the cached one, look at the original page 5 minutes later to see if it's randomly generated.. etc. It takes about half an hour, and then I reckon it's probably safe.
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Originally Posted by KSA
If the web address is buried in a search string, is that always a bad link?
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I'm guessing you mean www .somedomain/modules.php?name=weblinks&lid=999 where 999 is a database link...
Not necessarily a bad link, but I'm always suspicious of them. However, I often submit anyway especially if the directory is relevant to my websites... In any case, the search engines, especially Google, are getting better at following such links and giving you credit for them.
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Originally Posted by KSA
Any ideas on how to do a quick elimination from looking at how the link is constructed?
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Nope..... haha
Seriously, these are difficult times, and there are all kinds of dirty tricks being played by webmasters, and SEO penalties being issued by the search engines.
I would suggest you avoid reciprocal link exchanges until you get a bit more experience. In the mean time, submit to niche directories that are specific to your product and look like resources rather than lists of urls.
After you've tried it a few times you will get a feel for it and you can submit to the reputable open directories (lists are submitted to the "directories" forum regularly).
Last two things.
Use a different email address to your "office" one, because you might get a lot of spam later.
Keep a record (I use a database) of the directory url, the url you submitted, when, title, description, keywords, passwords, and status (accepted, pending, refused etc.) It slows you down at first, but you won't regret it later!
Hope this helps!
Cheers,
Paz.