In a word, no. A bandit owner up the road from me converts back and forth pretty regularly. He likes the naked look but swaps to the fairing for long trips. He said the hardest part is the first time, because you have to spend some time tucking all the wiring in so it doesnt look ghetto. He has aftermarket turns on the headlight bucket and the fairing, so its a plug n' play deal. According to him, after youve done it the first time it only takes about 20 min to swap it.
BTW, his is a 1st gen. Dunno if that makes any difference as Ive never looked at a 2nd gen up close.