Audience functionality with anonymous access in MOSS 2007

Is it possible to use the audience functionality with anonymous access in MOSS 2007?

We would like the users who hit the site as an anonymous user to only see certain navigation links and content.

Here are the steps I took:
1)  Extended a web application to use anonymous access.
2)  Created a user account and assigned it to the extended web application IIS web application  using the anonymous access account
3)  Added this user to a AD group
4)  Created an audience that contained this single account based on the previous step.
5)  Anonymous users can view the site no problem

6)  Created a navigation link, required that this link be targeted to the anonymous access audience.

When an anonymous access user hits the site, the audience targeted link does not appear.

Any help or ideas would be greatly appreciated.  
Who is Participating?
Jamie McAllister MVPConnect With a Mentor SharePoint ConsultantCommented:
If I were implementing Anonymous Audiences, I'd check out the work of Bryan Phillips;

Anonymous Audience (Added 9/22/2008)
This feature allows anonymous users to be targeted as an audience in MOSS. When activated, the target audience control in the web part properties will include a checkbox to target anonymous users. This feature was contributed by Bryan Phillips. Read more about this feature at!F9B548E4C21D6166!442.entry
acsadamsAuthor Commented:
Does this work for navigation bar items?  I could not see it.
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