(don't get me started on my experience doing the Figure-8 in the MSF course, with the little 250cc's horn button jammed into my knee while I rode out of the damn box...).
I'm 5'8" and don't have any trouble on my FZ...The riding boots I have add a little extra height which allows me to get a little more of my feet on the deck. Either way, I find that I typically plant my right foot and leave my left foot up on the peg ready to shift.
I'm 6'3 and between 270 and 290 depending on the season. I'm a bit of a gorilla on the bike. I find the bike very comfortable despite my large frame, my biggest gripe is the sore knees after riding 600 miles a day last summer on my first week of ownership. If I could move the pegs down and forward a bit, I would be very happy. I'm debating getting a thicker seat made by Rich soon.
Although I did read that the FZ1 has a taller seat.... :Flash:
Here Here to the figure 8's. I rode a CBR125 for my safety course. I could not turn the handlebars without my knees getting in the way. At 6'8" and 275, I dwarf just about any bike out there. I make my FZ6 look like a pocket bike. I would definately recommend it for taller riders. I have a buddy that has a gixxer and I wouldn't even be able to ride it.
As for the bike as your first bike, get used and be careful. Don't dump yours like I dumped mine a couple weeks ago