Yeah, it works. I use it all the time on one of my advanced story games I'm working on.
A good example of having changeable link text:
The link might be a skill check. The player has to roll 2d6 against one of their skills, and get higher than it, to succeed. By altering the link text in the Page Script, you can tell them what their chance is of succeeding.
() Sneak up behind the guard (Stealth=6. Chance=50%)
() Shoot at the guard from where you are standing (Firearms=2. Chance=20%)
Using variables, you can display whatever their current Stealth score is in the link's text, then calculate the chance of that score succeeding a 2d6 roll, and display the Chance of Success in the link as well. That way, if there's almost no chance of them succeeding the dice roll, they might choose a different option instead.
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%CHANCE1 := 100/12
%CHANCE1 := %CHANCE1 * %STEALTHSKILL
$LINKTEXT1 := "Sneak up behind the guard (Stealth=" + %STEALTHSKILL + ". Chance=" + %CHANCE1 + "%"
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If %STEALTHSKILL was 6 then when you go to that page, the first link would look like:
() Sneak up behind the guard (Stealth=6. Chance=50%)