It looks fine, and I guess it's going for a theme, but I actively disagree with removing the color from links. Making a link and underlined text completely indistinguishable is a bad idea for usability. That alone makes this something I would never drop-in to a simple site.
Whether it is a bad idea for usability depends on what you are trying to accomplish. For example, Matthew Butterick's online book Practical Typography styles links so that they are not highlighted or underlined in any way. Instead, they are instead followed by a small red circle [1]:
"Vigorously styled hyperlinks on a page tend to move to the foreground of a reader’s attention, like an HDTV in a hotel bar. [...] The red circle is meant to be noticeable while you’re reading the sentence that contains the link. Otherwise it disappears, so as not to distract."
I think you should never underline paragraph text in hypertext, underlines are specifically for hyperlinks. There's italics and bold to better put attention to a passage.
