Add link to view data if no matching record
Views PHP to the rescue:

&lt;?php
if (is_null($row-&gt;nid)){
    print '&lt;a href=node/add/mytype?edit[field_mytype][und]='.$row-&gt;tid.'&gt;add node for this term&lt;/a&gt;';
}
?&gt;


I can even pass the tid through the URL and have it prepopulated on the form (using prepopulate).