Can I de-link third party newsfeeds and pages?

Using RSS feeds to enrich websites would be ideal if the feeds had no links. One could make a script that would fetch normal HTML pages from non-copyrighted sources, and use them for content.

Now, if that script could edit out-going links, in order to:

- include a Nofollow attribute
- replace them for in-coming links
- erase them completely
- transform them into Javascript

Then, the foreign material would be properly digested to feed own pages. There would be more content, frequently and automaticallly refreshed, with no PageRank loss.

Am I correct? What is the failure in this reasoning?

Should I ask a lawyer?

I am asking because a made such a Delinker script and I am not sure about its power, legal status, originality and marketability...