proboscis - 5:47 pm on Oct 15, 2012 (gmt 0) [edited by: proboscis at 5:50 pm (utc) on Oct 15, 2012]
It might be pointless but you never know, some people are saying they have come back stronger than ever and others, like me, don't or can't.
Since you know you have the backlink thing, I would at least try and fix that and go from there.
When I went over my backlinks I found lots of seriously spammy things going on that were not under my control. Also, this is a 14 year old site that was once at the top of many popular results, you get tons of spam backlinks in that situation.
[edited by: proboscis at 5:50 pm (utc) on Oct 15, 2012]