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IMO - If I were you I would host the banners your self or send them as part of the email as a few bits of spam blocking software out there look for links from some of the major affiliate networks and count the emails as spam. Infact I would recommend that you also dont have direct affiliate links in your mails either and have them 'bounce' through a tracking url on your own site for the same reason.
Saying that - I have never had any hastle off any network for sending out creatives in a mail so and I dont think there is any reason why you couldn't. Though if your unsure, it would be best to check with the particular merchant/network.
Ta
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