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Redirect on specif page on 404 error

Create one front controller or take it from your current module.
I have indexcontroller from my module.add below code on it.

public function sitemapredirectAction(){
        $configValue = Mage::getStoreConfig(
$location = Mage::getUrl($configValue );
       header("HTTP/1.1 301 Moved Permanently"); 
         //Mage::app()->getFrontController()->getResponse()->setRedirect(Mage::getUrl($configValue ));

and then set up from backend.

Configuration - System - Magento Admin 2014-11-12 11-44-40