It doesn't HAVE to be your home page - but it DOES need to be the same page that you're linking for your site.
A lot of sites put the WR code on their links page, and that is linked on the rest of their site. (If you do this, it's recommended that you place ";full=y" at the end of your source link in the Script code line.)
Other web rings have the restriction of landing page removed, and the frames restriction removed also!
I wonder if, in this case, stats are available to say whether it is adviseable, or not?
I always think, If a navpanel is so large, whether it could be preceded by "small" and terminated by "/small" it would make any difference! And a graphic could be varied in colour, especially if the background is black and the colour of the navpanel is not suitable.
Have you thought of preceding the java navcode by color and size, instead of incorporating the color and size within? It will be in the system/webring control But will be changeable by individual webmasters?