Thats not really how Pow[1] works. It's weird that there isn't any mention of Pow on that page if that's what it's using in the backend. I didn't download it since I'm not on 10.7, maybe it mentions it later.
I wrote something similar (https://github.com/rktjmp/ker-pow) a while ago but never considered using it to actually make new ~/.pow/ links, I might add that in. Anvil is probably much more useful!
I think you will find that is _exactly_ how Pow works. Because you're just creating a symlink (ln -s source_name link_name) you can name it whatever you want. (i.e. ln -s ~/sites/my_full_url.com.au ~/.pow/blog)
I wrote something similar (https://github.com/rktjmp/ker-pow) a while ago but never considered using it to actually make new ~/.pow/ links, I might add that in. Anvil is probably much more useful!
[1] http://pow.cx