Update: Model Theory Background Let me say a bit more about the model theory background to address Ryan's comment: take an at-most countably-infinite collection of finitely-generated structures (such as all finite graphs, all f.g. torsion-free Abelian groups, or all finite sets that are linearly ordered) up to the appropriate idea of isomorphism for that structure. Given three properties on that collection - "hereditarity", "joint embedding", and "amalgamation" - Fraïssé showed that there is a unique (up to isomorphism) countable structure (the Fraïssé limit) that
admits every member of the collection as a substructure and has no other non-isomorphic finitely-generated-substructures (the technical term is the original collection is the age of the Fraïssé limit.)
in which any isomorphism between two of its f.g. substructures extends to an automorphism of the entire structure
Hereditarity: the original collection is closed under taking finitely-generated substructures of its members.
Joint Embedding: for any $A, B$ in the collection, there is a common $C$ in the collection into which they both embed.
The property that avoids Ryan's trivial limit is the third:
Amalgamation: given $A_1, A_2$ in the collection, with a common substructure $B$ and embeddings $f_1:B \rightarrow A_1$ and $f_2:B \rightarrow A_2$, there is a $C$ in the collection and embeddings $g_1:A_1 \rightarrow C$, $g_2:A_2 \rightarrow C$ where $g_1 \circ f_1 = g_2 \circ f_2$.
So, for example, if $A_1$ is the Hopf link, and $A_2$ is the unknot linked in some way with a right trefoil, putting them side-by-side would be a joint embedding, but an amalgamation would have to treat one of the unknots in $A_1$ as the same unknot in $A_2$. So Joel's comment is right about what I want - this process builds a structure that has every finite link relating to every other finite link in all possible ways.
"The amalgamation property" is also the model-theorist's response to "why is the limit of finite linear orders $\mathbb{Q}$ rather than $\mathbb{Z}$?"
In the context of model theory, the definition of embedding and substructure depends critically on the choice of logical language for the structure, but the construction of a chain of embeddings using amalgamation leading to the final limit object does not depend on the underlying language. My thought was to drop the logical part (for now), and proceed analogously replacing "finitely generated substructure" with "sublink with finitely many components".