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I'm with Alan - in theory, the canonical would pass the link-juice to the version with the link, but you're not only misleading the client - you're one step away from cloaking the link. You could actually get your own clients penalized for this, and that seems very short-sighted. Add the NOINDEX on top of this, and I'd be willing to bet that the value of these links would be very low. Even if the client approved followed white-label pages with footer links, for example, we're seeing those types of links get devalued - they're just too easy to get. Now, you add these links all at once, NOINDEX the page, and canonical to a weird variant, and you've painted a very suspicious picture for Google. It might work for a while, but you're taking a significant risk for potentially a very small gain.