Link exchange is a long, tedious job. The problem is that search engines frown upon it so they are hard to get from good sites and most other sites you don't want to bother with. 3 and 4 way link exchanges can be more successful but are hard to monitor and tough to negotiate.
Link exchange is a quite busy and hard process, there's no specific tool but all you have to do manually!
I think there is no such tool that gives you a quick link exchange. If that tool exist, then lots of sites are exchanged with not related site theme/content.
i don't think there is any tool for link exchange.. anyway, try to focus on getting one way link.. it's the best link! trust me..