@Ryan, thx for your answer. The pagerank flow is indeed one of the things I worry about when deindexing large parts of the site. Especcialy since the category pages will be full of internal links to productpages that are excluded from indexation by robots.txt or robots meta.
The problem I am trying to solve however has nothing to do with pagerank sculpting. I suspect an algorithmic drop due to thin, duplicate and syndicated content. The drop is sitewide. Assuming that the drop is due to panda I suspect the percentage of low quality pages should be optimized. Would outlinking and better DA really be sufficient to counter a suspected Panda problem? Or is it required to make the 10.000 product pages of better quality, I would think the latter. Since there is no budget to do so I wonder if it is possible to drop these low quality pages from the index (but keep them in the website). Would this strenghten the remaining pages to bounce back up, assuming these remaining pages are of good quality offcourse.
Since SEO is not the only factor to be taken into account I'd rather not delete these pages from the website.