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Thanks for all of the input. I'm still scratching my head, but I think I'm going to re-direct and abandon the link if necessary. I think my problems are algorithmic so if I'm not trying to rank for that term, I'm hoping I won't have an issue. I'll keep everyone posted with the results I see.

I figure I'll need to abandon that link anyway as my link profile is so much different than my competitors.

Thanks!

I built way too many anchor text links to an internal page and was penalized for the associated keyword. However, I do rank on that page for less significant keywords that I didn't build anchor text links for, though not super high. Subsequently, I've found that the sites that rank highly for the keyword that I was looking to rank for are high domain authority with almost no links built to those pages.

Can I 301 re-direct that URL to my homepage, where I'm not trying to rank for that term, to make use of that authority of the links I've built to that page and start over on the page that I was hit by penguin on?

This appears to make sense to me as my pages that have been hit are specifically for the terms that I have gone overboard on anchor text links. Terms that I haven't built too many anchor text links to still rank on those pages.