Sounds like a good plugin for handling links which i see there is a lack of this functionality when it comes to free plugins anyway.
But will you be posting up any screenshots or a youtube to demonstrate exactly how it works ?
how exactly does the encryption work ?
Can it encrypt the link when going to the link site ?
Example, the url on your site is cloaked so people cannot see the actual url. Even after clicking on the link and it opens the new window, it still will not display the actual url. Can your plugin do this ?