With an opportunity forming to have over 175 geographically targeted links (by city, state) -- is it possible to have too many links:

placed on their site's page
for Atlanta, GA that links to --> my site's page describing products/services available in Atlanta, GA

Doesn't this type of linking offer an enormous advantage for searches done by say, a user located in Atlanta, GA (serps) -- to arrive at my site's Atlanta, GA page -- or else conducting a search on Atlanta, GA? (this geotagging?)

a) Can you be penalized for having too many links from the same site?
b) Should the links be varied by product/service keyword?
c) Would it matter if I own both sites (hide whois contact info?)?