Online Furniture Retailer vs The Penguin 2012

[monkeybrain]

Ok, so the title may sound like a law case but it's not

Earlier in the year I was caught up in the Google Penguin massacre, having received an email about unnatural links, several failed reconsideration requests later my Google traffic is down from 300 visits a day to 10.

Now I am quite lucky in that I own the .com version of my domain, having always traded on the uk domain to date, and rebranding the site would take little or no effort. Does anyone think moving the domain to the dot com and 301 redirecting each page will get around the penalty, or would it just be a waste of time? The site was previously page 1 or page 2 ranked for every conceivable search term, obviously this will be somewhat weaker as I have made attempts to remove the backlinks that might have been in violation, which has in turn seen PR drop from 4 to 3

Any suggestions gratefully received

MonkeyBrains