Well written hondanutrider.
To the original poster, I was just being brief since I hate typing on my iPhone and my Internet is down. If you are NOT planning on pulling the engine apart, then just replacing the slippers is a good idea since they will be worn by now. The chain will last many more miles, but it will have stretched since it was originally installed. that stretch will affect camshaft timing as compared to crankshaft rotation giving a little delay in opening the valves. The engine will run fine, but it will lose a tad bit of power.
If you decide to pull the engine apart to investigate it, then replacing the chain is a no brainer. Alternatively, you could leave the engine together and replace the camchain with a master link style chain.
So, the question is what all you have planned for the engine. If you want to keep engine work really simple, then just replace the slippers. If you feel like replacing the chain, then you can go with a masterlink style chain without disassembly of the engine. If you decide to get into the engine (you would only need to pull the valve cover, pull the camshaft, pull the clutch components and oil pump off, pull the top case bolts, flip it over and pull the bottom case bolts) then you can replace the chain with an endless chain. Be forewarned, reassembly is a little tricky. That would also give you a chance to replace all the engine seals and check first gear to see if the first gear bush is worn.
Any of those options is fine. I know my way around these engines now, so replacing the chain with an endless style chain (considered to be stronger) would only take me a couple hours. If you aren't familiar with engines, then it would likely take you a whole weekend.
Regarding the first gear bush, the center will wear and the gear will become slightly loose on the shaft. This can be fixed easily by a machinist which will make shifting much smoother.
Again, your original plan of just replacing the slippers is fine too. Make sure to check the slippers for wear first in case you do not need to change them. Info on that should be in any cb400f repair manual.