301 vs Changing Link href

[Choice]

We have changed our company and want to 301 old domain from new domain in order to transfer the benefits of backlinks (DA: 50, 115 Linking Root Domains).  I have the ability to modify around 50% of the backlinks.  So my question is:

Instead of redirecting all the links, should I update the 50% to link to the new domain instead of relying on redirects?  Would this possibly trip an algorithmic filter and devalue these links?  Or should I just do a 301 and not worry about modifying the links?

[AlanMosley]

301's leak link juice so changing links would be better, but you have a point about gettuing too many links too quick. i would 301 them for now, and slowly change a few links each week.

[watkinsheating]

Alan is exactly right. Direct links are better but google will discount them if you switch too quickly.