I've read all sorts of stories on the web as far as 301'ing and penguin goes...
Some have experienced incredible recoveries...some haven't... For those that do bounce up...it's quite common that a couple weeks later their new 301'ed website bounces back down (as if Penguin takes a while to latch on to the change).
Some have tried 301'ing to a new domain...leaving the 301 for a month, then axing the old doman and 301. That doesn't seem to work and most tank.
Some claim that if you 301 while you change whois and hosting servers you can make it look like it has a new owner and that works. I doubt it.
So tough call...I guess if you are really desperate you could try it, but I wouldn't in your shoes.
My vote would be to audit your links, use a third party link removal service to remove the bad ones and to diavow the links they can't get. I have done this and experienced very good and climbing (although not complete) results for one of my penguin hit domains.
That or start over with a brand new domain...it's actually easier than before to rank with newer domains because so much competition has been cleaned up out with the google updates, and google doesn't value domain/page age like it used to.
I wonder if creating a new site and linking prominently to it from the penguin hit site to get it's juice would work...could be risky and you would want to wait a bit before you link to it. Google hates artificial link velocity and links to hatchling sites.