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I have one site that got hit by the latest google updates. Penguin and EMD. The site was making me nice income but now with the traffic drop its not.  I was going to 301 to a new domain but was reading that if it works to bring it back in the serps it would only last 3-4 weeks... then i though just get a domain and add the content over time and get rid of the old domain. + take care and build better links. I bought website that already ranks and been around since about 2003 online.  Not hit by the updates and has few goood links. Would it be a better idea to move content to this site and make it grow? Not sure what to do..

I bought a domain and it has nice traffic. It only has about 5 main pages in php When i got the site i switched to html because php was overkill. I did the 301 and google deleted the php files and replaced with html version when i check site:domain.com It has been about 7 days. I DID NOT use 301 for each of the 5 pages to go php to html instead is used this code RewriteEngine On
RewriteCond %{HTTP_HOST} ^mydomain.com
RewriteRule (.) http://www.mydomain.com/$1 [R=301,L]
RedirectMatch 301 (.).php$ http://www.mydomain.com$1.html So basically if you load php it will load the html version.  dog.php > dog.html Is this OKAY? or should it be done differently.... worried! Thanks !