focusing on a niche (link list)
 

Is it wise to focus on one particular niche - in this case a fetish niche where I would have 10-12 categories (feet, lingerie, smoking, etc.) or would it make more sense to concentrate on one particular category in that fetish niche? (a link list concentrating only w/ feet fetishes.)

there was a thread about that thing somewhere here...
I think I'd go with a niche link-list

What ever you start, be sure it is something you like and can get submissions for. And starting any link list means a Long time of working it and working it to build it up no matter what the niche is although a niche might collect bookmarkers faster and SE too. Be patient.