In the first part of this two-part paper, we construct a family MFD$_2$ of low-correlation quaternary spreading codes having period $2046$. By quaternary, we mean that the spreading code symbols are drawn from $Z_4$ and are designed to be used in conjunction with QPSK modulation. Apart from low auto and crosscorrelation properties, we also require in addition, to our knowledge for the first time, that the spreading code family IZ4$_2$ obtained by taking the union of the component in-phase and quadrature-phase binary spreading codes associated to each quaternary spreading code in MFD$_2$, also have desirable low-correlation properties. We also investigate the balance of the quaternary and binary spreading codes. The second part is motivated by an application to the design of spreading code, (in this application termed as ranging codes), having parameters suitable for use in a lunar PNT system. Two lengths that are of particular current interest for a planned lunar PNT satellite system are $2046$ and $10230$. We study the applicability of a subset IZ4$_{2S}$ of IZ4$_2$ containing balanced binary spreading codes having length $2046$ to such a lunar PNT system. We show that the spreading codes belonging to IZ4$_{2S}$ compare favorably with the spreading codes of length $2046$ appearing in a recent issue of Inside GNSS. We also show that the IZ4$_{10}$ spreading code family in which the spreading codes have length $10230$, compares well in comparison with spreading codes of length $10230$ described in this article. In addition, the IZ4$_{10}$ and IZ4$_2$ spreading codes have been paired so as to be orthogonal at zero shift despite their different lengths and chipping rates.