You could create a relationship to another Table Occurance of the Inspectors table, linked by a utility field cConstantYes = InspectorActive. In the Value list set-up you can set it to show only those values from a relationship - use that relationship to pick up the Inspectors' names.
Nothing wrong with using a relationship, but given the simple include/exclude logic of this, there's a simpler alternative you can consider:
Define a calculation field that returns text with this calculation: If ( Active = "Y" ; FieldThatHasValuesForValueList ; "" )
Define your value list to draw its values from this calculation field instead of FieldThatHasValuesForValueList and you'll only see values from active records.