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I'm very confused about where the 404 fits in - are these dead pages? To re-capture the link-juice, you'll need to 301-redirect (which it seems like you're also putting into play). In some cases, if the pages are gone or never existed, just let them be gone. If you take every single URL everyone could ever visit to the home-page, you may generate so many 301s that Google starts to get suspicious. We've seen some issues with this lately. In many cases, it's also just not a good user experience.