Redirect 404s to homepage or no?

I bought a pretty nice expired domain. It's got a fair amount of backlinks pointing to non existent pages. I know ideally I could build out pages and copy the URL on the new site, but it's not the type of content that my readers would want to read.

Should I redirect 404s to homepage in an attempt to pass on link juice?

If so, should I put a redirect in my 404.php file, or should I manually redirect each example.com/this-page via 301 to my homepage?

redirect on homepage