The absolute link would be created on the host side and would be accessible from the guest.
However, as absolute paths were specified the symlink would NOT be able to be followed on the host side.
E.g the link would contain the /mnt/hgfs/shared/folder
Yes, creating links out of the share would create an error, either not supported or maybe a permissions error.
As it would be not a permitted to do so - I would have to verify that exactly.
Steve