That's not all that I did to try and recover from Panda. I have done so much more than remove bad links. And BTW - I wouldn't have removed any links if I hadn't gotten that stupid notice from Google, that turns out was just a "mistake". So I don't believe links can "save" your site or make it recover - I was following the notice from Google.
I wouldn't touch the disavow tool. I think it's dumb and might hurt your site.
My feeling is... organic results are being pushed down and "money" is what is ranking.