Domain Age, Pagerank & 301 Redirect

Alright, I have a domain bluewidgets.com it's about 1 year old and has little or no backlinks, it is indexed but it has a pagerank of 0. I came upon this domain that's about 12 years old has a pagerank of 4 and plenty of nice backlinks; however, it used to belong to a charity. It was bluewidgetsforthewidgetless. The first pages of google for that search have pr 2 but they are really old domains, 7 years or more.
I condisered putting content on bluewidgetsforthewidgetless and help it rank, but if it does then it wouldn't be all that good for business cuz it may seem like we're a charity.
Should I do a 301 from old pr4 domain to pr0 domain? Will it help my pr0 domain?
What would you all do?

301 redirect would definitely help but it wouldn't transfer any trustrank over just some serp weight as if the site were linking to you.

I hadn't heard of trustrank, i just looked it up and came upon a trustrank checker... however trusrank for google.com and yahoo.com show up as 0 LOL

From what i've heard the PR of a site is reset when it's transferred, could be wrong though. I've heard varying amounts of success from 301 redirects, some people say google can detect them while others swear by them. At least it is a very basic safety net for your main website.