A big problem with this is that certain kinds of content are illegal both to host but also to link to, in many parts of the world (including the USA). Your solution works well for legal-but-reprehensible-to-the-admin content such as nazi or tankie content (or porn or [...]). But if you end up linking to illegal pornography, or to drug selling, or even to gambling etc, then you're likely still liable and the fact that you're not directly hosting the content is not going to protect you that much (look at torrent trackers to see how well that defense worked).