aristotle - 1:05 pm on Oct 22, 2012 (gmt 0)
A possible way to refine a disavow list has occurred to me. It is based on the fact that many of the pages on my two penguinized sites only fell slightly in Google's rankings, or in some cases didn't fall at all, when penguin hit, and these pages are still bringing in considerable Google traffic. But some other pages fell much further, at least for their main keywords, and no longer get much Google traffic.
So my idea is to mainly only disavow backlinks to the pages that were hit the hardest, but not disavow any backlinks to the pages that still bring in a lot of traffic.
Another possible refinement is to only disavow backlinks that have penalized keywords in their anchor text.