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My question is, if I now develop the site, what's the best way to go about it and perhaps keep some of the PR? The splog would have to go. Or should i just forget about it and just hang a few links of it?
If you're looking to change the theme completely to, for example (completely randomly...) FOOD, then start by gradually changing the content in a ratio of 25% food, 75% fashion.... then 50-50 and so on.
This would mean that Google will not notice a sudden change and think the site has changed ownership, even though it has.
One of the best ways to rank quickly is to buy a domain that matches the theme of what you want to rank for. Any kind of unique content is better than the duplicate content you got up now. You really can't hurt yourself unless you go way off topic from your backlinks.
Also remember PR does not mean much. See if your actually ranking for anything.