I've seen sites do what you're trying to do. Every single site ends up going back to rotating advertisements. Fewer and fewer people are clicking on advertisements (probably because there are so many) and adding one additional click to get to your advertisers web site probably won't sit well with your visitors or your advertisers.

But, as for your question... I would have to say that either would probably work fine. I haven't done much with DBMan, but the new version of Links just seems to be an extension of DBMan. The benefit of using Links (2.0) is that you can automatically build your pages. You can also keep an (shorter, less detailed) index of advertisers (and whatever else) along with your detailed pages about each advertiser.