can you hyperlink a MSI email using a token?

Yes you can use tokens in MSI emails which includes hyperlinks. I have seen complains where subjectline tokens failed but can't speak to that.

Here is how to use hyperlink tokens properly: 
https://community.marketo.com/MarketoDiscussionDetail?id=90650000000Pm26AAC


Good URL Tokens that will render as tracking links:

Token: {{my.URL1}}
Token Value: www.marketo.com
Token in HTML of email: <a href="http://{{my.URL1}}">Marketo Token URL 1</a>

Token: {{my.URL2}}
Token Value: <a href="http://www.marketo.com">Marketo Token URL 2</a>
Token in HTML of email: {{myURL2}}


Bad URL Tokens that will only appear as links, but links will not be converted to trackable links:

Token: {{my.URL3}}
Token Value: http://www.marketo.com
Token in HTML of email: <a href="{{my.URL3}}">Marketo Token URL 3</a>