I would think that a straight shank would be better for quilting, no?
(IANAQYet, so I ask,... I always thought that the slank shank had a better chance of hooking a needle where you didn't want it, but that could be soley because of my poor beginnings on a sewing machine (slant) I thought the main advantage of a slant is the extra visibility...?)
The horizontal bobbin on the 401 makes it less than ideal as a quilter, I do know that part,... though it would be fine for piecing. The 401 is a great machine for almost everything but FMQ....
I picked up a 401A for $80CDN in a cabinet 3 weeks ago with all of the accessories other than the tube of oil, that's less than your 62GBP... There are deals out there. Ones that don't require extra $$ for shipping either.