Below there's a patch against 4.6.5 that allows the admin to toggle on/off the display of the "$user's blog" link in the main page and on each individual node.

Please include this feature in the next versions of Drupal. Thank you.

diff -ru modules.old/blog.module modules/blog.module
--- modules.old/blog.module     2005-08-14 15:33:25.000000000 -0700
+++ modules/blog.module 2006-01-30 23:43:13.000000000 -0800
@@ -236,7 +236,7 @@
 function blog_link($type, $node = 0, $main = 0) {
   $links = array();

-  if ($type == 'node' && $node->type == 'blog') {
+  if ($type == 'node' && $node->type == 'blog' && variable_get('show_blog_author_link', 1) == 1) {
     if (arg(0) != 'blog' || arg(1) != $node->uid) {
       $links[] = l(t("%username's blog", array('%username' => $node->name)), "blog/$node->uid", array('title' => t("Read %username's latest blog entries.", array('%username' => $node->name))));
     }
diff -ru modules.old/node.module modules/node.module
--- modules.old/node.module     2005-09-08 23:14:24.000000000 -0700
+++ modules/node.module 2006-01-30 23:45:01.000000000 -0800
@@ -603,6 +603,7 @@
   $output .= form_select(t('Number of posts on main page'), 'default_nodes_main', variable_get('default_nodes_main', 10), drupal_map_assoc(array(1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 15, 20, 25, 30)), t('The default maximum number of posts to display per page on overview pages such as the main page.'));
   $output .= form_select(t('Length of trimmed posts'), 'teaser_length', variable_get('teaser_length', 600), array(0 => t('Unlimited'), 200 => t('200 characters'), 400 => t('400 characters'), 600 => t('600 characters'), 800 => t('800 characters'), 1000 => t('1000 characters'), 1200 => t('1200 characters'), 1400 => t('1400 characters'), 1600 => t('1600 characters'), 1800 => t('1800 characters'), 2000 => t('2000 characters')), t("The maximum number of characters used in the trimmed version of a post.  Drupal will use this setting to determine at which offset long posts should be trimmed.  The trimmed version of a post is typically used as a teaser when displaying the post on the main page, in XML feeds, etc.  To disable teasers, set to 'Unlimited'. Note that this setting will only affect new or updated content and will not affect existing teasers."));
   $output .= form_radios(t('Preview post'), 'node_preview', variable_get('node_preview', 0), array(t('Optional'), t('Required')), t('Must users preview posts before submitting?'));
+  $output .= form_checkbox(t('Display blog author link'), 'show_blog_author_link', 1, variable_get('show_blog_author_link', 1)==1 ? TRUE : FALSE, t("If this option is enabled, a link to the author's blog will be displayed on each blog item."));

   print theme('page', system_settings_form($output));
 }