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I had to explain this to my previous employer. They used to approve webmasters by hand. I let them know how a webmaster operates. He or She builds a site, maybe they want to try a new sponsor so they signup. When they don't get access to linkcodes and banners then and there, they just move on to another sponsor.
Approving by hand or script is fine as long as it doesn't slow the webmaster sign up process. Get the webmaster's info, give them the linkcodes and banners and check out the site later if you must. The worst thing that will happen is you end up with a webmaster's email address.
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