That's the easy bit...
A KM Link button isn't a 'key'; it triggers a script that runs a macro. Anyway, yeah, not important. 
The reason I was interested in disabling Caps Lock was:
You don't need to switch Caps Lock to ⌃ in order to use it as a hyperkey. You can just use it as a USB Device Key, just as I am with the Left/Right Detect macros above.
Therefore, if Caps Lock is held while you hit another key, a macro would run. Once you release it, Caps Lock would be programatically disabled. If you just pressed it without pressing something else at the same time, it would simply function as the Caps Lock key. Anyway, it's a moot point as the AppleScript doesn't work.