Does it really have to be inspected for the first service?I was planning on doing everything myself
and don't know anything about it.

 

The valves in my 96' XR 400R (Same engine) have never been adjusted, they have been withen spec since the day I bought it THe only Honda that I have seen with out of adjustment vavles was a old XR 80 because my X girlfriend kept it pinned in 2nd for hours on end

 

My 400ex valves were slightly out of adj after about 30 hours of use, adjusting them is fairly simple as long as you have some mechanical ability
Just go to the dealer & buy the serv manual fotr around $50. it takes you through it step by step.
the only tools you need are basic hand tools & a set of feeler gauges. this little expense is well worth it rather than paying the dealer a couple hundred bucks. If you do decide to do it make sure you let the bike sit overnight first the motor needs to be stone cold. later