Hi, Skyway the answer to your first question is yes if you have the money, the tools, and the know-how as for the unresponsive ignition switch the usual suspects are:
1. Ignition Switch not in the "ON" position.
2. Engine Run Switch in the "OFF" position.
3. Discharged battery, needs to be 12.5 volts or better and be able to pass a load test if necessary.
4. Check the battery terminals for damage or corrosion check the battery cables at "BOTH" ends for loose, corroded, or broken connectors, "INSIDE" and outside the cable harness, perform connector wiggle test and check cables with an ohmmeter if necessary.
5. Tip over sensor needs a reset.
6. Faulty ignition switch.
7. Faulty starter button.
8. Faulty kickstand or clutch pull in switch/sensor.
9. Starter control circuit, relay, or solenoid faulty.
10. Main fuse or circuit breaker may be blown or faulty.
11. Check for engine trouble codes.
For more information about your issue and valuable "FREE" downloads that you will need please click on the links below. Good luck and have nice a day.
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Honda Steed 400cc Service Repair Manual Download