Are you talking copper or aluminum? The service calculation should have already taken into account the continuous/non-continuous factor.
If its a dwelling (310.15(B)(6)), you can use 500 KCMIL Al or 350 KCMIL Cu for a service that calculates to 350 amps or less. You use 600 KCMIL Al or 400 KCMIL Cu for a service that calculates to 400 amps or less.
If this is not a dwelling (310.16), you can use 500 KCMIL Cu for services that are 380A or less. Use 600 KCMIL Cu for services that are 420A or less.
If your disconnect has only one breaker, then you need to see 230.90. This basically says that the breaker rating can not be larger than the rating of the service conductor. So if you have a single 400A main, you'd need a 400A rated wire in order to use that main. This means 600 KCMIL Cu for commercial, 400 KCMIL Cu for residential. If you use two parallel 200A panels on a 400A meter, then you can size the wires per the calculated load instead of the breaker size (or sum of breaker sizes).