I am thinking of doing just that but I am worried that it will affect my adsense earnings and any gain I get from the text links would be offset by lower adsense earnings. Have anyone went through this thinking and did you finally decide to sell links?
the more link you have on your site the more options you are giving your visitors , so more likely your click will be reduced for the adsense.
If the site is new and you don't have very high traffic then selling text links might even increase your total monthly revenue.