I just figured out that it is possible to create a sequence of pre-recorded waypoints that covers > 500M. What you have to do is to follow your Phantom and update the home point along the way. I just recorded a waypoint sequence that probably covers 1.5 KM. I set 2 new home points along the way. I suggest using the remote location as your new home point because you can make sure you are in an open area that is safe for landing. Picking a new home point based on aircraft location while in the air can be tricky.