So, the links are literally that - actual weblinks.

Sometimes. Story to story links are usually real links. Story to user links, for example, aren't. They link a story to the user that created the story. There are more non-weblinks in the system than weblinks.

Both your solutions are reasonable. In fact, what I'm doing now is sort of like both. Neither is what I'm after here, but maybe what I'm after doesn't exist.

-sam