Cool, I see what you are saying now. PHP or Javascript really doesn't matter - personally I would do it in Javascript (add an onclick handler to the link anchor and then do a window.location = 'whatever').
As far as search engines go, your outbound links can definitely help you - so if a crawler ignores your dynamic links, it could possibly negatively impact your rankings (again, a lot of variables here). However, it would achieve what you are trying to do - and that is to "punish" sites that don't link back to you by not offering hard links back to them. I'd try it out for a month, maybe on a few different categories and make sure it isn't hurting you too badly in the search rankings first.
I definitely don't think it will directly help your rankings in any quantifiable way though.
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