thedonald123 - 5:06 pm on Nov 7, 2012 (gmt 0)
@thedonald123 That's precisely what I wanted to do.
@bluejeans, Well then I can tell you that I'm linking in a manner similiar to what you are asking about and those two sites were not struck by Penguin. However, it for sure depends on the backlink profile of both websites so you can't takeaway much from my experience.
A different site of mine, site #3, where I had sitewide links to it's homepage from another site I own, site #4, did get murdered by Penguin. However, site #3 has other problematic links pointing to it, so I can't blame it completely on the sitewide link.