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Go the linklist route. Buying the script will cost you a few hundred dollars if you go for quality and setting everything up takes maybe a week.
Even if you don't open it for submissions you can add your own sites and fill the rest up with hosted freesites and galleries.
Get some backlinks and when/if you decide to open it up down the road it will have matured and hopefully you're getting some SE traffic and making some sales from it.
artwilliams is correct when he says it takes 2-3 years to make any money from a LL, so the sooner you get going the better.
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