How do I redirect a 404 page to a valid page in my blog?

Earlier in my blog i used some contents but later i'm supposed to remove coz of some problems regarding with the content. But now google shows those link as 404 (URL Errors) in the google webmaster tools.
1. How do i fix this issue?? can you help me??
2. how do i redirect those URL's to my homepage??
3. Is there any problem will arise in the future by doing this 301 redirects??
Thanks in advance

See original post by cathandrew