Yes, the reason I first got the 15-91 was for FMQ. The feed dog drops and it works wonders better for me than the fancy $$$ Viking I have. I've heard the 201 drops the feed dogs but I don't know about the 301A. You could go over to the vintage folks. They'd know for sure. I just don't have a 301A or I'd check for you.
What applique stitches are you talking about? Button hole?
If you don't want embroidery, I'd think you could find something not too pricey. But I do love my vintage machines. And, I have a zig-zag attachment for them if I want to use that.