Couldn't see how to post or recomend a script, so I am doing it here.

Freeware....

Ask and Receive is a full-featured reciprocal link management system written in PHP. It lets visitors automatically add their own links to your site, and you approve which links you want to accept. You can also add outgoing links directly to your own site, and 'nudge' those site owners to return the favor by linking to you. It has search engine optimization features, and much more.

Click on the 'home page' link above