It might not need to be as complicated as that.
Basic image-based ads with alt-text copy could be inserted into, say, an ePub document, and the reader being used could be set to display the ad or the text, and the link to the product. Size the ad so that it can be read on the smallest screens without overwhelming them (say, a 240-pixel window), or sized larger but allowing the reading device to scale it down appropriately (many devices do this with art automatically now, and you can click on the art to expand it), and you have a single ad that all devices can display or show alt text for.
As e-books aren't always consumed when online, and often on small-memory devices, you don't want anything too bloated or involved creating the ads. Doing the targeting research up-front, choosing appropriate ads and inserting them once during initial formatting would work best without much fuss.
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