Haaahah - but back on topic
I've just got into motard, these are the things i've learnt so far.
1. Falling off will hurt
2. tyre pressures are important.
3. Gearing is the single cheapest mod.
4. IRK & Sling will go along way.
5. Adjustable shocks are good!
6. Cold tyres suck
7. Chain lube spilt on tyre = woops
best advice would be buy some decent protective gear and then mod the bike with whatever money you have left. No point in having a quick as bike and falling off and hurting yourself badly and not being able to ride it.
as far as bike prep goes tho normally stiffen up the suspension a bit (thicker weight oil in front forks and wind up the spring preload in the rear or something along those lines, all depends on how your suspension is already)
As pete has already said gearing is fairly important and cheap, work on your brakes and stuff like IRK will help your engine along nicely.
If its a real tight track play around with things like dropping your front forks say 5mm threw your tripples to make the bike turn in quicker.
If you are actually racing maybe some bark busters incase you decide to bash bars with the other guys racing....
The most important thing (and its normally free) is good maintenance on your bike, adjust the levers to suit your riding position, bar position, tyre pressure to suit the track, ect ect ect
Bark busters!!! Cannot stress how much I appreciate having mine. Crashed the bike? No problem! Levers are all there and working! I had to learn to ride without both a clutch and front brake lever for awhile because I never had spares but the bark busters have saved me a lot of time and money and have held up very well against crashes.
You dont rly have to do anything.... wheels and ur set.... but if ur actually going to race competitively then u have to do a bit of stuff... besides safety gear you must:
Drill a hole through the sump plug bolt and wire it onto the bike so it doesnt come loose
Fit bar ends. Or alternatively fit bark busters
Fit alloy footpegs
fit catch cans to fuel tank breather and crank case breather tubes