I have bought a domain with a lot of backlinks from fairly high authority sites. Almost all of those 404 now, since the content no longer exists. In most cases I have to infer from the link what the content was, for instance a picture of the grand canyon.
Could I create pages for those backlinks, for instance showing a picture of grand canyon with a notice that this might not be the image the visitor is looking for since the site now serves a different purpose. Would a 301 redirect to the home page be better?
Or is this approach harmful to my site's SEO somehow?