I wouldn't risk using 404 as a basting spray. Might gum up your needle, plus it does not wash out.
Quilters use 404 to make stencils repositionable -- sort of like post-it notes. You spray the back of the stencil and then can adhere it many times to fabric without leaving a residue on the fabric. To get the spray off the stencil, you need a cleaning agent (DK5).
I think it's worth the money to buy 505 online and ship. This is where I used to purchase it:
http://www.sewforless.com/item/505_T...OUND_ONLY/7391