Are you allowed to modify the text within the text links? Are you allowed to remove the image reference? I'd like to list all my advertisers on a single page so that my visitors can find them again without having to wait for the ad to pop up. I'd rather not have 25+ tracking images on a page, and I'd prefer that the links actually just stated the company or web site name.
Most people alter the text, and most advertisers don't care if you do - if you're sending them traffic why would they? If you remove the img then you won't get impression tracking (no big deal).