Hi Kevin Pipher,
No, this option is generating static links. If you point a link to "somepage.aspx" and then change somepage.aspx to "somepage1.aspx" ( for example) the link will be broken. To avoid this, you could add more URLs for a given page, instead of changing its name. In this case you keep a reference even to the old page's name.
Perhaps it would be very useful if the links were dynamic. We will consider this for future implementations.
the Telerik team