Does calling a click method effect the HtmlPage object if there is a 404?

Question

1. If I call a click method on a HtmlAnchor, and say that page returns a 404, does that mean the HtmlPage will effect, so searching for another link on the page will result in an error because the page's HTML is the error page (assuming the link is NOT on the error page).

2. Can I manually set the page's HTML, and then locate and click on links and continue on from this approach? (other than connecting via a URL)