The first FMQ I did was 20 years ago on a 750 Touch & Sew - many years before I even knew what FMQ was, or knew that a drop-in bobbin and slant needle added up to trouble. The quilting is actually pretty good - still holding in baby blankets that have been laundered a hundred times.
I took up quilting again about four year ago and I did the FMQ on my 401 - before I knew that it wasn't ideally suited for that kind of work.
I had a lot of skipped stitches and eyelashes, but I did learn how to move so that those were minimized. That's when I added a 15-91 to my small "herd" of machines. Huge difference! :)
But the 401 will be okay. Avoid those stacked up intersections and when you're drawing a loop or circle, sew slowly to avoide eyelashing. When you come to the point of an angle, pause at the point for a couple of stitches and then go up the other side of the angle.
My first quilts were flannel and some of the seam allowances were terribly skinny, so I sewed lines of decorative satin stitches in bright colors on every long seam. Like stitching in the ditch, but trying to keep it visible instead of making it as invisible as possible.
Have fun with your 401 and get to know her eccentricities and she'll do a good job for you. :)