I don't have a 201, but on the horizontal vs. vertical bobbin for FMQ...I do all my FMQ on a modern Janome that has a horizontal/drop-in bobbin and she does a marvelous job. I don't go slow, either!
It might be easier with a vertical bobbin for some reason (I don't know, never tried it), but it's definitely possible to successfully FMQ with horizontal bobbin.