Appears you are on top of it. The 301 is a great machine. The Featherweight will do most of what the 301 will do. I know little of the 401, other than its appearance is impressive. Personally, I'd get a 403 for the versatility. Admittedly, it's heftier than the 301 and about the same as the 401, but unless you're moving it around it, weight is a plus. As we all know, machine choice depends on use and personal preferences. My nickel's worth.