[[ https://www.wikidata.org/wiki/Template:Q | Wikidata ]] and [[ https://www.wikidata.org/wiki/Q17280715 | several other projects ]] have used templates to link to Wikidata items and properties. This way, you make links to Wikidata entities from project pages look the same way as on special pages like watchlist, recent changes etc. The output is a link to the entity with a text like `label (Q123)`. For items and properties, this is equally simple because you only need to make a Lua call to fetch the label. However, there may be other types of entites which have a more complex "label".
For Lexemes, the "interface" way of linking to them is being established in T195382. Instead of having to reimplement this on Wikidata and other wikis, couldn't the formatters be added to #WikibaseLua API and/or parser functions?