Thanks Jeff, I've decided to take my chances and allow HREF. Malicious HREFs don't seem quite as deceptive as their SRC counterparts - if they don't contain javascript, that is, in which case they can be disguised into looking harmless in the browser. So no javascript allowed.
I've read through the interesting pages you linked to, and think I've gotten the general picture. Now, since the various articles specifically refer to Apache, PHP, and just about everything except the OpenACS environment, I was wondering how vulnerable our particular toolkit is to dirty tricks like XSS (cross site scripting), cookie theft, etc. What are our strengths and weaknesses in this respect? Apart from security being constantly in mind during development, has some überhacker in the community done a comprehensive analysis of the code base specifically looking for security holes? What's the perceived security status?