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I would like to change the way the link pages display, the default settings appear to be in <bold>, in a larger font than the rest of my page, and also need to have a line break between listings, in my opinion.
I do not want to "mess with something" that I am not familiar with and mess up the whole template, is there a way that I can do this with relative ease?

You can go two ways to fix the bold font. Either edit the HTML code of your template in Preferences -> Link directory settings -> Link Directory templates -> Edit. Here you can use HTML tags to edit the layout of your directory.
Another way is to create a new directory template. When you "select an area of your site to be replaced by links" make sure you don't select a header, just body text that is in regular font weight. Once you do that go to the ready directory template and delete remaining headers from the source page.
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I should probably re-write these for the link pages, do you have any suggestions on relevant content for these?

The titles for the link pages and category link pages will be created using category names, so they will be unique.