Yes, normal data Bindings should work, with or without converters, to either the Link.Data or on other elements.
For example, here’s one such example, from the Friend Wheel sample:
<go:LinkShape x:Name="Path"
Stroke="{Binding Path=Data.Color}"
StrokeThickness="1" />
From the Flowgrammer sample:
<go:LinkShape Stroke="{Binding Path=Data.Highlight, Converter={StaticResource theStrokeColorConverter}}"
StrokeThickness="{Binding Path=Data.Highlight, Converter={StaticResource theStrokeThicknessConverter}}" />
And in the Basic demo:
<go:LinkShape Stroke="{Binding Path=Part.IsSelected, Converter={StaticResource theSelectionConverter}}"
StrokeThickness="6" />