tedster - 10:24 pm on Oct 17, 2012 (gmt 0)
Here's what we heard from Matt Cutts last year. Each redirect step means any link equity loses about 10% to 15% of its power. If you chain too many redirects together, that can really add up! Also somewhere in the area of about 5 redirects, googlebot may just stop following them.
Given that, you can make a judgment call about how best to apply your resources. I'd say convincing the "powers that be" to go to a 301 redirect is clearly the ideal, but I gather you already know this.