Elizabeth Zimmerman is a goddess and a guru. _Knitting Without Tears_ is the only knitting guide I used for at least the first 10 years of my knitting life. Let me quote to you from page 41:
(On repairing a mistake that you didn't notice until you were a few rows, or a lot of rows, past it):
"Trace the offending stitch up to the needle, work to this point, and then let the stitch run down to where the trouble is. Actually, the word 'run' is inaccurate, as, contrary to superstition, a dropped stitch does not immediately zoom down to the bottom of your work like a run in a stocking. At the most it will slither down one or two rows, and cling there, moaning piteously, and waiting to be picked up."
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(On repairing a mistake that you didn't notice until you were a few rows, or a lot of rows, past it):
"Trace the offending stitch up to the needle, work to this point, and then let the stitch run down to where the trouble is. Actually, the word 'run' is inaccurate, as, contrary to superstition, a dropped stitch does not immediately zoom down to the bottom of your work like a run in a stocking. At the most it will slither down one or two rows, and cling there, moaning piteously, and waiting to be picked up."