If you hit an endpoint and get a 404... did you do it wrong? Is my documentation outdated?
Even better: What recourse do you have? how do you figure out the answer?
Your only recourse is to email me. Send me cURL commands and screenshots and sit on your thumbs until I write back.
IMHO the REST folk were blinded by the existing 404 normalcy set up by web servers.
...
personally I think OP's idea isn't great. I think returning 200 and making me parse the response and hoping it's consistent between services is too much work compared to the simplicity of the HTTP response.
Instead, I'd change the default from 404 to 501.
HTTP 501 - not implemented (URI is not working)
HTTP 404 - resource not found (Joe doesn't exist in db)