Forum Moderators: Robert Charlton & goodroi
[edited by: Robert_Charlton at 1:22 am (utc) on July 24, 2007]
[edit reason] fixed typo [/edit]
But for maximum benefit, you'd need to move the content off one site to a folder on the other site as is; then introduce navigation to move readers over, but all this without major changes to the contents until Google has had plenty of time to assimilate the new stuff (a few months).
You could do the 301 without moving / using the content from one of the sites - but you'll need a reader friendly 404 page to catch the confused arrivals, and that's not just Google searchers, but anyone following old links.
There's plenty of threads with details of doing the 301 successfully; so long as you are careful, it's far and away the best solution.
[added] You could use some of the content, using individual page 301s; but that could get horrendously complicated, and is not for the fainthearted - or for people with other things to do this year ;)