Sorry, maybe I wasn’t very clear.
I’m thinking that the user might want two types of end products, a digital form of the PDF for distribution on cellphones and tablets, etc. and a printed version. IFF the hyperlink is an overt link like a URL or some such, the user might prefer printed version to render the hyperlink without the blue text and underlying (just plain text like: http://www.mycoolsite.lookitup.org without the color).
Whereas the digital copy of the PDF might be nice to have it have live hyperlinks. (Much like in the last paragraph.)
This formatting choice might should be an option in PTXprint. (But maybe it kind of is already with the “color font” option.)
As to the original request, it sounds like it is a picture/image with a hyperlink embedded in/hidden under it. So that would be a different level of complexity I suspect. Sounds cool, and I could see the usefulness of such a capability.
(I was under the impression that PDFs had the ability to maintain real hyperlinks underneath, whereas what @andy_pi is saying, an app like Sumatra PDF sees the text string and recognizes it as a possible URL and offers to use it as a link. Is that what you are saying?)