Well, the tensile strength of a 420 is 3700# while the 520 and 530 is 6100#. The 530 is oversized and understressed in an XS400, but I'm not sure how light you can go until it's too light. As Drewp mentioned, XS650 guys often use 520s, so that would be more than enough for a 400.
Hey, wait- how about just using old Google to see what bikes use a 420 from the factory and if any put out say, over 40hp? If so, it would probably work for an XS400. It's not scientific, but it would probably work.