It would be really useful to allow for inspect even when your friend / guild-mate isn't standing right next to you.
When I'm on a T3 run and I'm considering inviting a friend a quick inspect will remind me that they have T2 gear and aren't running T3 yet, this would save useless back and forth question asking them to remind me what gear they are running.
Also it would be useful to create more than just one toggle for 'Allow Full Inspect' ... instead it would be great if it could be three toggles 'Allow Full Inspect (Public)' , 'Allow Full Inspect (Friends)' , 'Allow Full Inspect (Guild)' ... there are plenty of players that don't like public full inspect and have to go through the trouble of turning full inspect on (and then off again) so a guild-mate can see their gear.