There are generally considered to be approximately 7.4*(10^45) positions for the non-supercube 4x4x4 (or 24 times that many if you consider the orientation of the cube to matter). qqwref (and Lucas) are correctly claiming that these positions do not map 1-to-1 with the elements of a group in the same way that the positions of the 3x3x3 map to elements of a group.
JBCM627 is looking at the permutation effects that move sequences can have on the 4x4x4 as group elements. Of course, this requires many more group elements than 7.4*(10^45), and really models the 4x4x4 supercube group rather than just the states that the 4x4x4 can have when centers that belong on the same face are considered to indistinguishable from each other.
To have a group theory model of the 4x4x4 (non-supercube), JBCM627's approach needs to be modified to reduce the number of states to the actual number of 4x4x4 states. (As qqwref and Lucas point out, this will not actually be a group.)
You could take the subgroup of the 4x4x4 supercube group that fixes corners, fixes edges, and only permutes centers within the same face. Let's call this subgroup H, and the 4x4x4 supercube group G. You could then model the non-supercube 4x4x4 positions as a coset space formed by G/H. I note that there is a parity constraint between corners and centers in the supercube. Since H has the corners fixed, the centers in H must have even parity, so H only contains (|S_4|^6)/2 (95551488) elements. The number of ways the centers can be permuted (for the supercube) is |S_24| = 24!, but half of these positions require the corners to be in an odd parity configuration. So the number of non-supercube positions of the centers is |A_24|/|H| or (24!/2)/((4!^6)/2) = 24!/(4!^6). So basically the 4x4x4 (non-supercube) is a coset space rather than a group. I have to think this is the concept mande had in mind when saying "quotienting the group."
There is also the issue of positions differing only by cube orientation. One way of handling that is to only consider generators for the supercube group that keep one of the cubies (such as the DBL corner) fixed. So using <U,u,d,Uud',R,r,l,Rrl',F,f,b,Ffb'> for instance rather than <U,u,d,D,R,r,l,L,F,f,b,B> to define the supercube group will avoid redundant positions due to cube orientations.