Two bits of advice:
First, don't ignore the advice that's been given to you in this thread... It is correct, and you could have gladly paid a lot for it, as have many well-known businesses.
And following on to that, keep in mind the saying, "When you find yourself in a hole, the first thing to do is to stop digging."
The absolute most that I would recommend doing to your site it this specific case is to remove the rogue 301 redirect. Then leave your site alone -- to include not changing anything else at all until your rankings recover. There are other more productive and less dangerous things you can do.
The error here was not in the implementation of the 301 redirect, although I agree that it seems that it was unnecessary. The error was in *not* updating all internal links first, before implementing the redirect. The site map should have been updated as well, but waiting a while to do that would not have been such a severe problem.
So again, your best bet here would be to remove the redirect, and then look at other marketing channels to fill the revenue gap until your site recovers. Consider opening an Adwords or other PPC campaign(s) to drive traffic to your site during the recovery period.
Other channels, such as print, radio, and TV ads may be feasible as well (I don't know your business or its scale). Also look into social media -- Many businesses are now using Twitter, Facebook, and other such methods to drive visitors to their sites.
If you will be unable to "sit and watch" with a cool business eye while the recovery process slowly unfolds, then the fishing trip might actually be a good idea; It *will* take time for Google to sort out the very-mixed message you've sent them, and if you keep changing the message you're sending them, then the recovery time will simply increase; With continuous and repeated surgery, the patient will never recover.
For the future, adopt a "requirements-based" approach to updating your Web site and changing your server configuration, to include proposals, justification, and formal review. Make sure that there is a need, that the technical effects are known in advance, and that the technical implementation is correct to achieve the desired goal. Also, the expansion into alternate marketing channels like PPC, print ads, social media, etc. should be permanent; One lesson we've learned here --starting with AltaVista's "Black Monday" on October 25th of 1999 and repeatedly reinforced by the many upheavals caused by Google algorithm and filter updates since then, is that the search engines can be fickle, and that relying solely on organic search results to bring in business is not the best approach.
Best,
Jim