So I have a page on a website that seems to be doing very well on adwords, cheap costs and some return on investment. I would like to take this page and spin it off into its own website, and do more development down this path. If I tomorrow change my Destination url in adwords to my new url,(with the content I will remove from that page). will I get penalized, will I lose all my history and my cheap keywords?
Google would probably have to recalculate everything, to check out the site quality to its keywords again, so really depends how well you optimized the page.
I would imagine you would lose the history, but cheap adwords should come right back around. We had a similar situation that left us with no choice but to dump all our data. Just to note, there are desktop programs available where you can pull all your information off your adwards account, play with it, then import it back up. Might be useful with the new site you're developing...