kellyman - 11:06 am on Aug 8, 2011 (gmt 0)
There is a company in the UK does something like this
They buy aged and well linked sites, all above PR3, and relevant to your niche, they rewrite the site, be it around 9-12 pages and then link to your main site, which i have seen a few examples and works really well.
If you do this get a friend to buy the sites for, so as the registered keeper is different and you should have no problem
I would not 301 just keep you as the sole external link from that site