"Output this field as a link" You can use tokens but what about php?

Hello all,
I am curious if anyone has done something similar to this:
when creating the fields to use for my view, i want to rewrite the title link using both tokens and php.
i want to be able to check a condition (if taxonomy is present) and if so re-write that link accordingly.
is there anyone who has done this / knows if it is possible or knows of another module or patch that can solve this problem?

thanks in advance!

regards,
steve

ps... the attached image just shows the views UI with my available tokens, thought it might be on some use.