302 redirect – due to google penalty

I wouldn’t do that. You could just be in a ‘penalty box’ for some reason, you could have just been caught in the ‘wave’ of google madness and will reappear soon, google is re-indexing and your site has not resurfaced yet. If goggle reads the 302 it could take longer (and you have no idea when – if ever) that site gets back on the google index

For example: one of my sites google has indexed a main page I just reworked – it show a cashe on the new content but shows the old title tag when I search <-- things, I believe, at google are a bit of a mess with the constant algo updates every couple of days and I don't think they know what's heads or tails, right or wrong, up or down.