Will 301 redirect from deindexed site pass link juice?
Deindexed from google. Will the outcome be good?

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Add the domain to the webmaster tools. If it has penalties don't do it.
 
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If the website is penalized you wont get anything, nor any harm. Google just ignore it.

If is out of the index, but not penalized, Google will catch up the 301 eventually... in a few weeks, months even and then maybe you will see positive movement, eventually.
 
If is out of the index, but not penalized, Google will catch up the 301 eventually... in a few weeks, months even and then maybe you will see positive movement, eventually.
You can speed that up by encouraging Google to crawl the links to the 301'ed site.

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