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What I do is I created a page with a rel="noindex" tag in the header. This removes 404 errors from the Webmaster Tools, but I don't know if it preserves link juice or not. Anyway, a simple redirect to home page is not something I recommend.

What I do is I create a "Content Removed" page with the administrator email and add a   rel="noindex" tag in the header. This removes 404 errors from the Webmaster Tools, but I don't know if it preserves link juice or not. Anyway, a simple redirect to home page is not something I recommend.

What I do is I created a page with a rel="noindex" tag in the header. This removes 404 errors from the webmaster tools, but I don't know if it preserves link juice or not. Anyway, a simple redirect to home page is not something I recommend.

What I do is I created a page with a rel="noindex" tag in the header. This removes 404 errors from the Webmaster Tools, but I don't know if it preserves link juice or not. Anyway, a simple redirect to home page is not something I recommend.

What I do is I created a page like this with a rel="noindex" tag in the header. This removes 404 errors from the webmaster tools, but I don't know if it preserves link juice or not. Anyway, a simple redirect to home page is not something I recommend.

What I do is I created a page with a rel="noindex" tag in the header. This removes 404 errors from the webmaster tools, but I don't know if it preserves link juice or not. Anyway, a simple redirect to home page is not something I recommend.