Well I think you've made an excellent choice... ok so it's an older model, ok so it's a carburretted bike... but over here in Spain, some of my closer riding buddies have the 4th gen and swear by this model.
I first bought the 5th gen and now have a 6th gen and feel that the 6th gen has a better rolling chasis than the 5th.. a little lighter on it's feet... but they are much heavier beasts and I agree with whoever said that it's not the power of the VFR that could get you into trouble but the weight, which at roughly 250 kg creates some important inertias to overcome... and we all know inertia doesn't like to be overcome... but all that is required is to not be a hothead squid and take your time to get to know how this bike's weight handles... set up your corner speed BEFORE entering.
But I did sit on a 4th gen and feel you have made a good choice because the 3rd and 4th gens are notably smaller... my knees did not fit behind the fairing and the thing felt much more toy-like to my 6'4" frame. Sincé then I have tried my riding buddy's 4th gens and can say that they handle very well and being carburretted are much less snappy on the throttle than a fuel injected 5th or 6th gen.
I disagree, the VFR is NOT a bike which pulls well at higher revs... I have spent endless days at the track on mine and you just can't get any squirt (out of the 6th gen) if you spend all your time over 9 - 10,000 rpm... the VFR is also NOT known for it's low-down torque... compared to other bikes of a similar nature... it's an all-rounder... the RR in-lines DO work well at high revs and DON'T usually work well down low...
The SV is an excellent track-bike for up to a medium level rider cause it's well on the light side... my younger sister had one for several years. Obviously the litre bikes will leave both the VFR and the SV650 behind on the straights... I can say I am able to keep up with many in the curves but as soon as there's a relatively straight section... adiós...
Anyway... one of my buddies 4th gen has seen more than 140,000 km all over Spain and Europe and runs to perfection (he does all the maintenance)... it's an excellent sporty-touring bike... he generally leaves the topbox on and only throws on sidebags for long journeys... like the one he's on right now as I type... a bunch of mates have got together and ridden from Valencia to Brno to see the race... and will return via a different route so as to see new sights. He keeps up with the VFR1200F and actually usually leads the group rides we go on 'cause no-one can keep up. he used to take her on the track... but realized the VFR is not really a track bike and has since gone through a CBR929 and currently a K4 GSXR1000RR... but keeps the VFR750 for touring and bike meets as the RR is track dedicated.
We swapped bikes one day up in curvey mountain country and I must say I felt instantly confident and actually left him behind... but noted how much smaller and lighter it seemed.
Another buddy has two 4th gens.. one for the road and one for the track, heavily modified to reduce weight etc... he can keep up with me no worries and on certain parts of more technical tracks leaves me behind...
You'll be fine. Take it easy at first and get to know her... maybe don't fill the tank all the way to keep centre of balance lower... but although I had a few hairy moments when I first got my 5th gen due to the weight... I actually only crashed years later and with 100,000 km under my/her belt, but the accident was on the 6th gen... which I had had for some time... and it was due to mud on the road in Winter... the rear went on me when downshifting one gear too many and I literally slid for 20 m trying to regain control... hit the guardrail... INERTIA... since then I have done another 60,000 km on the 6th gen after replacing the front end and plastics.
Oh, and BTW... Germany is NOT the only country in Europe with safety checks for motorcycles... I would venture to say they ALL do... but can only really vouch for Spain... I just passed mine last week... new bikes have their first inspection after 5 years and then every two years after that.
I would NOT recommend you buy an in-line RR bike... they DO have gumptions of power and will wheelstand without you really wanting to, and are so light that the rear CAN spin out on you much more easily under heavy acceleration... and the more you twist the throttle and the higher up the revs you go, the more power they give out. And they brake so hard you lose traction much more easily or the rear Wheel comes up off the ground (again breaking traction)...
But really.. it depends on the rider's mentality. If you have your wits about you and don't go trying to be Rainey, you'll be fine.