Transferring the domain is not likely to address the main reasons why you were impacted by penguin. If your current content was not good enough to gain backlinks from authoritative websites then why reuse it at a new domain?
Transferring to a new domain can help if you are trying to rebrand the site and have ideas on how to better run your site. If you are looking to use a 301 as a quick trick to get around penguin you are unlikely to be happy with the results.
Don't forget Google has many ways to connect websites. They are a domain registrar, so they can see all the domains with the same whois. They can also see all the domains using the same Adsense or Analytics code.
The site in question was not a thin site but had pages of original content and videos. Prior to mid-March traffic was incrasing organically and exponentially but...I had arranged some links from a 'Panda and Penguin safe' SEO provider.
Mid March saw a 60% fall in traffic over a period of 2 or 3 days. Many downgraded pages but some still ranking well.
May saw a further decline as P2 was rolled out and the survivor pages were then downgraded and are no floating from 40-80 in the SERPS.
Whether this resulted from a Penalty or devaluation of links is unknown to me at the moment. I'm trying to decide whether the position is recoverable or whether a new site is in order.