OK...this definitely failed and I was able to reproduce it.  I see several things wrong with the solution, but I do not think this is the problem.  I will look into it some more and get back with you.

OK...here is the problem.  It is the designer attribute of the StrataFrame LinkLabel.  There is a designer that allows the localization of the control to be set through a form designer.  This designer is in the Extensibility assembly which you are not allowed to distribute.

To get around this problem, just overwrite the designer attribute on your inherited control.  This way you get all of the benefits of the inheritance, you just will not have access to the form designer, which is really no big deal.

Second, your application is not using a StrataFrame application.  This is going to cause all kinds of problems.  When you create a StrataFrame application, use the StrataFrame Application template.

Attached is a sample that has a working inherited LinkLabel and a StrataFrame application.

Finally, note that the System.Design reference must be added in order to access the ControlDesigner attribute.