Exploiting the gauging procedure developed by us in hep-th/0605211, we study the relationships between the models of N =4 mechanics based on the off-shell multiplets (4, 4, 0) and (1, 4, 3) . We make use of the off-shell N =4, d = 1 harmonic superspace approach as most adequate for treating this circle of problems. We show that the most general sigma-model type superfield action of the multiplet (1, 4, 3) can be obtained in a few non-equivalent ways from the (4, 4, 0) actions invariant under certain three-parameter symmetries, through gauging the latter by the appropriate non-propagating gauge multiplets. We discuss in detail the gauging of both the Pauli-Gürsey SU (2) symmetry and the abelian three-generator shift symmetry. We reveal the (4, 4, 0) origin of the known mechanisms of generating potential terms for the multiplet (1, 4, 3) , as well as of its superconformal properties. A new description of this multiplet in terms of unconstrained harmonic analytic gauge superfield is proposed. It suggests, in particular, a novel mechanism of generating the (1, 4, 3) potential terms via coupling to the fermionic off-shell N =4 multiplet (0, 4, 4) .