Sounds somewhat sensible. Assuming we do want to allow users to make "does this exist?" queries for more than 100 pages...
What do you think happens when [[enwp:List of English monarchs]] is rendered? There are 526 links on that page. The parser has to check each page for existence so it knows whether to render a blue link or a red one. I think I can assume the parser uses a LinkBatch for that. (It should be noted that the parser also inserts link markers that are replaced later.)
Roan Kattouw (Catrope)