tunneling of banner/ad-clicks allowed ???

[physio]

The subject might not exactly say what I would like to know but I don't really know for sure myself - so here is the question.

What if I would point all my textads on free sites to a niche specific directory instead of the sponsor link and just redirect that niche specific directory to the sponsor.

That would have two purposes for me:

1. If that sponsor conversions begin to suck for me I would just have to change the folder redirect to another sponsor and would be done with it instead of changing every textad on all sites that belong to that niche.

2. The redirection could be set up to sent for example French users to a French paysite and so on....

What do you linklist owners say, are you okay with something like that? Wouldn't you allow both purposes or would you just be okay with the No.1 but the No.2 is a no no??? Whats you opinions here...?