I've no idea, I'd try something cheap like delete all the porn, let it 404.
Flood it with autoposts using different news/sports feeds and maybe that will get your percentage of porn down over a few months.
Then you have to deal with a Panda/thin content problem, but that's managable and a known.
I don't know but I have a feeling it could work and it's quite a cheap and low risk strategy. Use your Google indexing with site:yourdomain.com with safesearch turned on as a metric.
Edit: What does your link profile look like though?
Let us know,
Paz.
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