Using a domain with a spammy history, like the one you've purchased, could pose risks due to potential penalties from its past activities. While it has a decent Domain Rating (DR), using 301 redirects on all 404 URLs isn't recommended unless you thoroughly vet each link for quality. It's crucial to clean up the backlink profile, possibly using Google’s Disavow Tool, and implement best SEO practices. The success and speed of ranking will depend more on how well you rehabilitate the domain's reputation and optimize new content rather than just its existing metrics.