Back then you could run as far as you wanted from the meter to the panel with no disconnect in between . Where they went wrong was installing the 400 amp disconnect . They could have ran the se to both panels if they had used 200a main breaker panels ,and now it would be grandfathered in . But back then they didnt inforce the 4 wire from a disconnect either and thats a big problem for you now. (I will add the box with the heat is not required to be 4 wire if it contains only 240 circuits). If you must have the 400 amp I believe you will have to start over all the way from a 400 meter socket designed for 2 - 200 amp disconnects.
A 400 amp disconnect is rated for 200 amps, and then some, you just need to fuse it correctly. like Jim said,"do a load calculation." If the load is under 200 amps on each panel, whats the problem?