Hi. I'm willing to make suggestions and offer my opinion, but I think that essentially it is up to you. Don't use two indicators (both color and underline) to represent a live link. If you are transcribing these links with literary as your base code, you could use one or the other. If your base code is Nemeth, there is no underline or color indicator; you would need to create a symbol (which may look like an underline indicator) to represent the live link; it would be defined on the special symbols page. In my opinion, this indicator would have to be used with web and email addresses to maintain a consistent representation of live links. If the link is a web or email address, this indicator would precede the opening CBC indicator, and its termination would follow the closing CBC indicator.
If you mean that the individual listed entries are links, you would need to indicate each one separately or they might all look like they are part of the same link.
Let me know if this doesn't make sense. If you disagree with my opinion, I'd like to hear other suggestions. There are many aspects of our transcriptions that require creative interpretation.