I already created the template edit a few versions back & yes each link requires two profile fields to create the click-able link in the drop down.
I don't know how to do what you described to me, sorry.
I am fine with it how I set it up, but is a little bit of work to set it all up for members to use.
If nothing else, if you can tell me how to show Link One Name & Link One URL in same frame as shown below instead of how I displayed it in earlier post, I would really appreciate it very much.....