It wouldn't make it accessible to anyone on the web, but it would make it vulnerable to people on the same server as you. You are better off:

1. Running under cgiwrap where the script runs as your own userid and you can keep permissions 755.

2. Making a subdirectory /links or /pages off of your root that is 777, not your home directory. You can always use .htaccess to have /links be your home page (i.e. add:

DirectoryIndex index.html index.htm /links/index.html

to your .htaccess file and the browser will go straight to /links/ if it doesn't find an index.html or index.htm in your root dir.

Hope that helps,

Alex