One of my sites took a bit of a hit in Penguin, mainly due to some over ambitious link building.
Fixing it hasn't been a priority until now, but I was planning on overhauling it at some point anyway and I guess it's getting near that time. Tons of pages have penalties, which I'm guessing is related to the links - I cut most of the dodgier ones but they should be long gone now.
So... I'm restructuring the site and I'm going to get rid of the old pages - here's my question. Assuming the pages do have a penalty, is it better to return a 404 to google or 301 it to a page that informs the user that the site has recently been restructured and have some links to popular pages on the site?
I'm in two minds...