You may duplicate the site with a 302 redirect and wipe out the Google traffic for the good site. I saw that happen with the temporary domain forwarding (302 redirect) feature offered by GoDaddy. That problem went away when they added the permanent domain forwarding feature (301 redirect). I don't think it is a good idea to do any type of redirect with a penalized site.
I think a 302 redirect can sometimes be appropriate for redirecting individual pages, but not an entire site. If you are going to experiment with this, be prepared to possibly sacrifice the good site.
You have already lost all of your Google traffic for the penalized site. If you try a redirect, you need to ask yourself if the miniscule traffic you might get from Yahoo and Bing is worth the risk.
A better plan might be to build a new site for the penalized domain using new URLs, then file a reconsideration request with Google and explain what happened with the spammers. You might see the old Google love return eventually. This doesn't always work, but it sometimes does.
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin