There's no reason to worry about "blacklisting".

If I were half as critical toward your approach as you are towards mine all the time , I could easily argue:

- It increases the number of links on the page (which mine doesn't)
- It is unpredictable, which way the PageRank will be forwarded, if at all

i.e. in the worst case the link is counted but the PageRank sickers into the sand because it cannot be forwarded.

Apart from that - what happens, when JavaScript is disabled?
What does the user experience?