A few years back I had a go at organising my blogroll using Sheets and representing it dynamically. The problem with this is that there is not much I can do with it and it is tedious to maintain, especially as my current workflow involves updating two spaces.
I really like your idea about having a ‘directory’. This reminds me of Chris Aldrich’s following lists. Like Aldrich, I just wish there was an easier way of adding a link/site and having this automagically added to the page. I assume that in part that is what you have?