Don't assume a drop in Page Rank means penalty.
PR0 would have me concerned. The trend of the last toolbar page rank update was a loss of PR for all of the sites that I am involved with. I noticed Yahoo! dropped by 1 and My Yahoo! dropped by 2. But I noticed on my sites also page rank was more evenly distributed and accurate. BTW just an example nothing scientific.

I don't think Google has penalized me or Yahoo!, but the toolbar PR algorithm or whatever it's called now that it's not completely automated has changed. It makes sense, Google's index just became one instead of two seperate indexes.
PR Must change when you add that many pages at once to the index. And as the web grows PR will be affected similarly.

But you said 33,000 links with the same anchor text??
That would be my concern, you need to come up with a better linking plan than that. That is way out of line and IMHO will lead to a penalty if not an outright ban.

I'm no expert, and might be completely wrong, if so I hope someone corrects me.
Good luck, dan