Around line 485 find:

        $cats = $wpdb->get_results("
                SELECT DISTINCT link_category, cat_name, show_images, 
                        show_description, show_rating, show_updated, sort_order, 
                        sort_desc, list_limit
                FROM `$wpdb->links` 
                LEFT JOIN `$wpdb->linkcategories` ON (link_category = cat_id)
                WHERE link_visible =  'Y'
                        AND list_limit <> 0
                ORDER BY $cat_order $direction ", ARRAY_A);

And replace by:

	$cats = $wpdb->get_results("
		SELECT DISTINCT link_category, cat_name, show_images, 
			show_description, show_rating, show_updated, sort_order, 
			sort_desc, list_limit, text_before_link, text_after_link, text_after_all
		FROM `$wpdb->links` 
		LEFT JOIN `$wpdb->linkcategories` ON (link_category = cat_id)
		WHERE link_visible =  'Y'
			AND list_limit <> 0
		ORDER BY $cat_order $direction ", ARRAY_A);

Around line 506 find:

                       get_links($cat['link_category'],
                                '<li>',"</li>","\n",
                                bool_from_yn($cat['show_images']),
                                $orderby,
                                bool_from_yn($cat['show_description']),
                                bool_from_yn($cat['show_rating']),
                                $cat['list_limit'],
                                bool_from_yn($cat['show_updated']));

And replace by:

			get_links($cat['link_category'],
				$cat['text_before_link'], $cat['text_after_all'], $cat['text_after_link'],
				bool_from_yn($cat['show_images']),
				$orderby,
				bool_from_yn($cat['show_description']),
				bool_from_yn($cat['show_rating']),
				$cat['list_limit'],
				bool_from_yn($cat['show_updated']));