I mix plain water and Elmer's glue 50/50 in a squirt bottle, and use it as a basting spray. If I set it to where it makes a fine mist, there are no glue blobs. There seems to be plenty of glue to hold the fabric and batting in place, but it doesn't give me any trouble when I do the quilting.
I should mention that I haven't tried this for an actual bed-size quilt, but so far it works like a dream for doll quilts and wall hangings. I imagine it would work fine for larger quilts as well, though.