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Yes, after a while you'll see the PR of the old page transfered to the new Page

For checking spelling, there are sites out there like http://checkdog.com/ that will do a spell check of the site. On a forum I run, I've exported Google Analytis of page titles and dumped those into Word to scan for spelling errors in thread titles and fixed those (though I've left the copy of the page intact, but that's just because it's a forum).