I do all my FMQ on my Featherweight. Once you get the practice in to get your stitch length moving with your movement of the quilt, it does a BEAUTIFUL job.
I have also used my 201, which works much the same way, but I find the Featherweight is much less stressful - fewer bobbin thread problems.
Note: I've been using Coats and Clark thread which is VERY linty and a 14 - 16 needle which is pretty big for FMQ. Recently took a class and the teacher convinced me to try Aurifil 30 weight thread and an 11 needle. Boy what a difference in the size of the hole/quality of the quilting with the thinner thread.
Bottom line: the older machines can do anything the newer machines can do; they just need more attachments to do the same thing. In many cases the older machines do a much better job, because they are not as complicated to maintain. Just get the appropriate foot for your machine (walking foot and FMQ/embroidery foot) and go for it!
Good luck.