I think I can speak for a majority of link list owners as far as altering your sites. The rule of thumbs has always been:
"You can do anything you want to your site as long as it's still following the rules"
If you want to go thru all your site & change out the sponsors, go nuts
BUT....
If you do decide to just pull the sites without letting the link list that has you listed know you're going to be pulling them, then you will probably get blacklisted for 404 (not found) or 302 (redirecting)
So if you do plan to shitcan all your sites, send the link list a list of sites you want pulled BEFORE you pull them.