I favor the former, since either way you're going to eat disk space for
storage of symlinks - either in a script or on the disk. But with a ram
based symlink, you don't have to hit the disk to dereference the link,
so its faster. It's also one less failure point for a system due to
filesystem corruption, and one less thing for fsck to handle.
Someone's already specced out a linuxfs at
http://www.cs.uml.edu/~acahalan/linux/devfs.html
Someone's already written code :-) at
http://www.linuxhq.com/patch/20-p0814.html
-Dan