If you can prove that the valve has been tested and no welding has been performed on the line or valve, I don't see why any inspector would require a re-hydro test of the line for a simple valve exchange (imagine the hundreds of thousands of dollars wasted in live plants if this was the case).
I'm assuming this is a line that was already in service (hence changing out a valve)
Depending on the service and specification requirements a hydro test would be an unnecessary cost (flushing prior to testing, additional blind installations, removal of test medium, air/steam blows,corrosion inhibitor drying, etc..)
Add all these things together and it can get expansive real quick. If your inspector is really worried about the flanges leaking try a "closure boltup" have him present to inspect the flange faces and witness the torques.
If the inspector still insists on a Re-Hydro , I foresee him looking for a new job in the near future.