You need to do a lot of practice to drive traffic from reddit. Also your content should be of kind which can get upvotes so that your site can get traffic.
Interlinking is the most important part of SEO and readers engagement.
It will allow your readers to read other related articles also and will increase your blogs reputation.
It will affect your rankings because you are going to change whole text which will change the quality of your content.
Try to do some minor changes then It would be safe.
I think you should must contact an SEO expert in this case or take advice from them. You have to keep patience because It is too difficult to get ranked with a penalized site. So It will take some time and hard work.
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