Digital BW, The Print

My presumption is: you have bought or have a source for the film and you 
have no other film options available.  And, that you have a particular 
subject in mind.

First of all, I don't know why you'd under expose it if you are not 
going to increase development, thus the contrast.  If that is a "grain 
reduction" thing, I don't see it.  It is 1/5th of a stop.
However, setting the meter to 500 instead of 400 is what you want. Since 
cameras haven't had 1/400 second shutter speeds in a long time, that 
gives you 1/500 @ f/16 (sunny 16 rule) in the bright sun--which you 
don't have.

Let me just add, if this is a project that is really important to you, 
why not use a tripod and ASA 100?  Better yet, if you can get Technical 
Pan instead of TMax, go that way (tripod also).

Seth