Hi Cole,
No, that's not the traditional method for using your own software in place of system utilities. The biggest problem with replacing system software is that it can break other other software or scripts, particularly Apple's own, that depend on the original version.
The recommended procedure is to put the new software in another location, traditionally /usr/local, and putting directories containing the executables, /usr/local/bin and /usr/local/sbin, in your personal path ahead of the system directories. That way you will enjoy the benefits of your upgrade while developers still have access to the original.
Neither will you have to link awk to gawk because installation of the GNU version will do that for you, putting both in the same directory. (by default /usr/local/bin) When invoked as awk, gawk will faithfully emulate awk.
As an aside,
Fink will install gawk for you.
--
Gary
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Cynic, n.:
Experienced.