Link Penalty... Should I Double 301?

One of my main moneysites got hit with a manual link penalty (went a bit hard on SAPE)

The site has tons of unique content so I wouldn't want to waste that.

Is it worth removing the website, so it gets de-indexed by Google and put the content on a new domain and do a double 301?

If so how long does it take Google to stop indexing those old pages?

You'll probably get 10 different answers from 10 people, but I'd give it a go. As long it's a manual link penalty, I've had good luck with these in the past.

It can sometimes take a couple weeks to come out of the index. You can always try forcing a crawl after you remove the content from the original site.

Thanks, I have activated maintenance mode so once it has been removed from the index I will do a double 301 see if I can make use of all of that content.