Redoing an old site penalty

[Woodspan]

I have a semi-adult orientated site I put up with a kit about two years ago. The whole thing is done with php which until I finish my class in december I know nothing about. I've done absolutely nothing with it since I put it up. My thinking lately is to redo it to my liking and actually make it functional. My stats show about 250-300 uniques a month from Yahoo and now in the last few months Google. People are obviously looking.

Now the question is..........if I go and revamp the content......and there really isn't a ton of pages I want to put up. Each will be about a certain topic related to the main niche and some affiliate links. Will this revamp drop me to the back of the line. I know sites revamp all the time, but I'm not familiar if there are any safeguards to do first.

The site looks rediculous so it does need a change and I'd like to try and capitalize on the fact the domain has been around a while.

Thanks