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https://www.angelfire.com/ia/z/FZ1fanswitch.htm

both seem like great bikes. Go with the one you like better. The "higher" mileage one isn't that high anyway.

no issue. ride on!

You definitely should service it with some copper grease, regularly. Otherwise it has a habit of seizing up. Service procedure is documented here: http://www.cartestsoftware.com/fz1/exupmaintenance.html

the valve opens at a certain rpm. it gives you more torque at lower rpms, but allows you good top end once flow volume becomes more important at higher rpm.

chain too tight/loose?

yes, it does have a rev limiter.

I use centre stand, then a jack under the headers, with a piece of wood in between jack and headers.

I can't help with the neutral indicator light. However the fan going on while idling in neutral is normal. It operates on a timer. As you noted, it switches off as soon as you pop it into gear. Nothing to worry about there.