Hello Joseph,
If you're going to throw your links away rather than fix them and plan to start fresh with new pages that don't have any links at all - it may be cheaper and faster to just start on a new domain. This all depends on how much branding you have into the old one, but if you want to distance yourself from bad links and build a better site it might be a good time to start over.
Assuming you don't want to start over, please don't expect that the 302 redirect of those pages to the search pages are going to get you out of a link-based penalty. The bad links are still going into your domain, and if you've been affected by Penguin there are only two things that I know of to help in the long-term: 1. Remove all of the bad links that you can, and disavow the rest. 2. Buy a new domain and start over, paying more attention to Google's guidelines this time.
I've heard of temporary escapes via redirects, but the site usually ends up in the same trouble again once the link graph has been updated.
You said Panda above, but Panda didn't have to do with bad links. If you were affected by Panda you probably have some thin/duplicate content and user experience issues to deal with. Perhaps building a better quality site will be all you need, assuming you don't have a link-based penalty, and weren't affected by Penguin.
I would block the internal search result pages from being indexed using the robots.txt file, as recommended by Google here under Technical Guidelines:
"Use robots.txt to prevent crawling of search results pages or other auto-generated pages that don't add much value for users coming from search engines."
Also, regarding faceted navigation, it is often a great user experience, but can wreak havoc on your site's SEO strategy. Make sure to read up on how to properly implement it if you haven't already. Here are some links:
You will quickly find that there are lots of different ways to deal with faceted navigation's affected on your SEO strategy, and will have to decide which method/s are right for you.