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Since you manage two sites - I would defiantly set up a hosted blog (leak free), configure the feeds to be used with your affiliate codes, and let affiliates either link to the blog or use the feeds - or both.
A hosted blog should be separate from you screw-around blog - but your screw-around blog could sure use the feed(s) from your sponsor hosted blog(s).
Since I run a few tranny splogs, I'd love to have a few more good feeds.
Hit me up on the work-and-lurk and I'll be happy to help you out on setting this up.
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