Like the Favorites shell folder, the Links folder can also be redirected. But this cannot be done using the User Shell Folders key. The Links folder can be redirected to a common location or Network share by assigning a path to the LinksFolderName key. LinksFolderName can take a different directory path, which is no where explained. Follow these instructions:
Create a new directory to serve as the common Links folder, or select an existing directory (say F:\Links)
If you're redirecting it to a network share, share the directory with the appropriate share permissions.
If applicable, set the file and directory permissions appropriate to the level of security desired.
Open Registry Editor and navigate to:
In the right pane, double-click LinksFolderName and set it's value as "F:\Links"
Close Registry Editor
Do the changes to all the user profiles in the machine.
You may Script (REG or VBS) the above steps and apply to all the profiles one by one.
Note: If you're redirecting the Links to a network share, you can map the UNC path to a drive letter such as Z:\ and assign the value to the LinksFolderName. For synchronizing the Links across, use Offline Files in Windows XP Professional (See topic "Share your Internet Favorites with other systems in a Workgroup" for more information)
Windows XP does not provide the user to use a common favorites in addition to the user favorites path (any of the one is only possible). As a workaround, you can redirect the Links folder to act as a Common Favorites (Links) path, using the method described in this article.