Bad idea to use a redirection script to point to outbound links?

[b1ng0]

I have a directory that uses a script to send the user off to the various sites within the directory ( for popularity ranking and other various reasons ) using 302 redirects.. is this a bad idea SEO wise? The site is only a couple weeks old, so I haven't had a chance to see how Google is going to treat it, but Yahoo seems to like it pretty well, it just hasn't been indexing the outgoing links. Is Google going to look down upon my site for doing this though? Tips? Suggestions?

[Edit] I should also probably mention that not only does the site use a redirect script, I also use mod_rewrite rules to make the outgoing links look like they're a page on my site. For example sitename.com/exit/sarah_mcslutty.html is a mask for sitename.com/out.php?id=1337 which redirects to sarahmcslutty.com [/Edit]

Also, the site breaks the links up into pages of 10 alphabetically so basically, any content that gets indexed is going to change as soon as I add another link to the directory.. any ideas of a better way to approach this? I'm basically going to be relying almost solely on search engine traffic for this site so I want everything to be 'proper' before I get the site too far along.

Thanks for any info.
b1ng0