I have just bought a PR5 domain with an active site of about 5-6 pages. I would say that that 95% of the backlinks will be pointing to the root page. I am thinking of changing it to a affiliate template dedicated to just one affiliate, ie all the outbound links will redirect to the affiliates site. Will this kill my PR?
When the links are direct, you should probably put rel-no follow on the links just to be sure search engines don't go directly to the site you are an affiliate of.