I think that the better tactic would be to create new content for those broken links.  Unless these links are located on a very bad domain (link farm, etc.), I would just create a new page.

Be careful before you start messing with the disavow tool.  The only time I would use the disavow tool is if the link is obviously bad.  Like obviously obviously bad (if that makes sense).  Many people assume that their ranking tanked because of some algo update and start disavowing links without really checking into it.  Just be careful before using that tool and research the hell out of the link before you throw it away.

Here is a good article that gives you the Do's and Don't of using the Disavow tool.

http://www.portent.com/blog/seo/google-disavow-links-tool-best-practices.htm

Good luck!