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Is there a benefit to having a bunch of tags for each post on my blog's homepage, does having too many tags on the home page dilute the amount of link juice passed on to more important pages?

I currently have an old site with approximately 200,000 index pages that gets approximately 40k unique visitors per month, this site is no longer being used since we've built a new site under a new name, so my question would it be best to keep both sites separate and use the old site to cross...