So the four lights have to remain within 10 feet of each other because any that move away from the others wink out.
Does this mean the lights can be in a line 10 feet apart from each other or must they travel in a square so that each light is within 10 feet of the other?
Basically it's a Light spell with a slightly bigger radius than can be sent 120 feet away. A Light spell on an arrow has a greater range so the bigger radius is the only positive of this spell.
Paizo how about allow the four lights to be independent of each other so the caster can send them off in four directions?
Just a thought.