A couple of questions, for folks who are in the know about this penalty, if I may:
A couple?
OK, first one
I've heard two pieces of advice that I don't like 1) scrap the site, or 2) disavow all the links.
If you scrap the site, you are starting from a completely clean slate. It could take you a long time to get back to where you need to be. That said, if you are stuck in Penguin, it could be a while before you see a decent recovery. You won't get out until it is run again.
This penguin update, #4, on May 22nd, was it ONLY because of the link text? Or was it also because of the link quality? None of the updates before it harmed me, and I believe those were because of the quality?
Well, the anchor text and the link quality kinda go hand in hand a little, but it is open to debate exactly what was the primacy focus. You might be right that it was more site quality focussed and that tipped you over the edge.
Could it be for links linking from my blog to my site? My blog (ex. www.mysite.com/blog)
No, penguin doesn't focus on internal linking. It is purely an external link metric.
If I get webmasters to change text to just the url or brand name, that's better than disavowing, correct? As long the linking site has a decent spam score and PA/DA on OSE?
If you feel, after checking the site, that it is worth having the link, but the anchor text is spammy, then by all means, save the link.
Is having SOME exact anchor text okay on these links? Is it just the abuse that's the problem? If so, how many should I leave? (like 5 max per keyword?) Or should I just change to the url, or disavow altogether, any and all links that have exact keyword matches?
It's important to remember that Google wants to see a natural looking link profile. I have yet to see a profile that doesn't have a few links that are a phrase rather than just a 'click here' or 'brand'.
If you get a link from a news article in a prominent site, they are very likely to use whatever anchor text sites well within the article to benefit the reader. It is unlikely that Google is going to penalise this link because of the trust level of the source where it comes from.
Make a judgement call for links like this. If the site exists just to seed links, then even if it has a low spam score, Google might either ignore the link or set a negative mark against it.
I've downloaded my link profile from OSE and Majestic, and will do so from Ahrefs (I believe it is)? Does Webmaster Tools have any section that can help give me insights into the issue? If so, can you point me in the right direction?
Webmaster tools will give you a list of links, but as with any other source, it is unlikely to be every link. Get your links from OSE, Ahrefs, Majestic and Webmaster Tools and bring them all together in one spreadsheet. You are able to remove duplication at that point and get a more complete view of what is there.
Can I get partial credit, for some work done? For instance, say a major update, or crawl, happens, and I've only fixed/disavowed 25% percent of the links by then, is there a possibility that I get a small boost in traffic? Or am I in the doghouse till they are all fixed?
No, you can get a partial recovery, right up to the point where Google takes no issue. The trouble is, you won't know when this is because it isn't a manual penalty.
Say I clean/disavow everything up, will my improvement be seen in the next crawl? Or the next Penguin update? As there may be a substantial difference in time there.
You need to wait I'm afraid. There is no way to speed up the process sadly. Get your link profile clean and wait for the next refresh.
I see AHREFS, has some information on anchor text... any rules of thumb as to percentages of use of a certain anchor text, to see if I'm abusing or not, before I start undertaking all of this? Thanks!
None at all. You need to be able to fully assess the profile and take a judgement call on whether or not the profile requires a clean. It sounds like it does.
Could the penalty have "passed" altogether, and this is just where I rank?
It's very possible. Check the dates of Penguin refreshes and see if they match drops in your traffic.
I'm off for a coffee now
-Andy