To get rid of the link;
You can create a displaytemplate.ascx as below
<%@ Control Language="C#" Debug="true" %>
<%@Assembly Name="Microsoft.SharePoint, Version=12.0.0.0, Culture=neutral, PublicKeyToken=71e9bce111e9429c" %>
<%@Register TagPrefix="SharePoint" Assembly="Microsoft.SharePoint, Version=12.0.0.0, Culture=neutral, PublicKeyToken=71e9bce111e9429c" namespace="Microsoft.SharePoint.WebControls"%>
SharePoint:RenderingTemplate ID="LookupDisplayTemplate" runat="server">
&blockquote&Template>
&blockquote&SharePoint:FieldValue ID="FieldValue1" runat="server" ControlMode="Display"/>
&blockquote&/Template>
&blockquote&/SharePoint:RenderingTemplate>
Then. use it as below.
&blockquote&SharePoint:LookupField id="LookupField1" FieldName="" runat="server" DisplayTemplateName="LookupDisplayTemplate"/>
Then it works.
Hope it helps :)
Sebnem