Allow a user to create folders and linked reports, but not "real" reports
Yes. As per MSDN


  Create linked reports&nbsp;|&nbsp;Reports&nbsp;|&nbsp;Create Link, Read Properties
  ...
  Manage folders&nbsp;|&nbsp;Folders&nbsp;|&nbsp;Create Folder, Delete Update Properties, Read Properties


From the same link, one can see that "Create linked reports" does not infer or grant the separate permission "Manage reports"