fathom - 12:25 am on Aug 14, 2013 (gmt 0)
From feedback I've been hearing, approximately 95% of sites will not take down links, for a likely variety of reasons. So the effort is in-practical.
Confirming such statistical evidence is problematic. One can say even the site owner 'getting such links' don't wish to labor undoing anything of no consequential value for themselves... which is equally why a 3rd party isn't all that interested in laboring for no value either.
But I can 100% guarantee all site owners will remove all links pointing to a 404 error... remove the page... no more problem in but 5 seconds.
Even if they still gladly link to your 404 page you can't be devalued anymore by PANDA, PENGUIN nor a manual review... and that beats disavowing simply because - only Google is an expert on what Google classifies as organic and that changes depending on the volume... e.g. if you have 5 reciprocal links Google will almost certainly not suggest those 5 reciprocal links are inorganic but the latter 9,995 will make the first 5 change their original Google endorsed status... thereby the target problem changes which means you can't aim at 100% organic links to disavow without simply disavowing 100% of your Google profile.
I prefer the sure bet as oppose to guessing that you know inorganic links better or at least as good as Google does.