Having started 2 niche link lists in the past year (with a third about 60% ready), I can tell you it is a massive amount of work. When you are building sites, you are only dealing with getting your product out there to be clicked on. When you switch gears and do a link list, you have to deal with submitters on top of the sponsors you already have. You now must also drive traffic to your list or you don't get the great builders to submit to you. There are hundreds of other LLs out there - why should a webmaster submit to your new list with little or no traffic?
Most LL owners will tell you the number of quality submits is down, which makes it doubly hard to stock a list. Sure, you can get "clean" sites and use them to fill in, then begin to build like a mad fool until you get enough submits. If you do fill in with sponsor galleries, you may want to consider limiting the number and swap them out periodically for fresh ones.
Think about why you are doing it, and if you really have the time and energy to devote to your project. When I do freesites, I like to have at least 1 niched link list on each mirror. I could not find many active LLs for the niches I tend to build, so I began to build and beg my buddies for submits. I have had one sale from my first one, but they are too new to really have a record yet.
Good luck.... and I hope you enjoy the endless hours of mindless coding.
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