Bryan -
I almost went down the road of building my own adjustable lower links. You can get steel or aluminum swedged tube in quite a few different lengths and they are threaded on each end. I was close to getting the tubes and heim joint ends until I got lucky and scored a pair of adjustable links. The tubes and heim joints are available at quite a few race shops who specialize in circle track hardware. One good source is Speedway Motors (www.speedwaymotors.com). You just have to measure the total length of the stock links then size the swedged tube length + the heim joints to match. I think I recall sizing them so I would have 1/2" adjustment on each end. You could probably put together two swedged tubes plus 4 heim joints for around $125 or less.
If you decide to keep the stock links and just replace the bushings, I agree with drilling them out rather than burning. You can drill lots of small holes around the diameter of the link or use a hole saw sized to fit between the outer part of the link and the inner steel insert. It's still a bit messy.
Larry Mullen
I ended up, in '07, going with RD's kit (which was less $ then) after multiple trips to the local race shop (now closed and stock auctioned off...) yielded nothing that worked to my satisfaction...more due to my mis-understanding of how the S2 tube installation required some adjustment...and use of cone washers to center the heims properly so I could get the rotation (axial and longitudinal) correct...in the end, it worked out just fine and was happy with the ability to dial in the camber properly.
Looked in the speedwaymotors site...when I drop the tranny to do the clutch, I'll measure up what I have (the TC(S) lower link angles are less acute than the S2) and perhaps build up a set of 1/2" links from there just to see. Thinking, in any case, investing in a set of poly bushings for the stock links Just In Case. It's nice to have options.