So I moved a site from Joomla to Wordpress, the URL's are all messed up and I am left with over 400, 404's. I read online that too many 301 redirects can slow your site down, and not all of these 404's still exist so I am happy for SERPs to eliminate them. Could anyone advise what the best practise would be here to regain some of my old traffic. Should I 301 redirect all the links? Thanks in advance for any help and advice.
You can add as many 301 redirects as you want. As per Google there is no limitation regarding the number of 301 redirects that you use.
Thanks for the replies, do you think I will recover all lost traffic redirecting all the broken pages?
Yes, if you redirect or deindex the broken URL's then your website ranking will improve on search engines, but it might take sometime after you fix the broken URL's.