1. I would let the dust settle first-
I remember when Panda 1.0 hit and I lost 50% of my traffic overnight. I freaked. In about a month it was only 28% down YOY. I was able to manage.
2. Run the numbers.
Do all math! I let the economics tell me what to do. I calculate all expenses and expect revenues and let that be my guide. If 3 years from now you can double your income, make a new site.