Since it's a boring, cold, rainy day here and I'm off, I'll give you my .02$. Rob will probably chime in as well since he's from the area (SEPA) as well. Do some searching for what you're interested in as the board is rich in info. Here's some to get you feet wet:
-If you have the money/time for a front end swap, go for it. If not emulators are the way to go. That and the right weight springs and oil.
-The stock front brake will work fine. Just use better pads and a braided line. I upgraded to a 4 pot GSXR caliper up front using an SV adapter with the OEM master and was fine all day long at Lightning in July. If you do the USD, then you're getting better brakes anyway.
-I recommend raising the rear a slight bit with shorter bones as well as the later GSXR rear shocks. The stock pegs will drag unless otherwise and a USD setup I think is shorter so you'll end up putting the bike further on it's nose and bringing the pegs even closer.
I modified an offset set of pegs made for GSXRs and SV's from Yoyodyne so I'm a little bit higher/further back and I can still drag a toe in deeper cambered corners. Fixed pegs are quite nice though but I'm scared shitless to contact hard parts now (lever the back tire up).
Rearsets you can get from Raask or Coerce. I would work on technique and body position before blaming the stock footpegs. Plenty of us who have done trackdays on the B4 were fine with just aftermarket footpegs and have the scuffed pucks to prove it.
-You will be spending a ton of money on tires. Thankfully the little bike isn't so bad on them. I just found out you can get BT003's in the stock sizes, which are all the grip you will need. The 016's are good for mixed street/track but the edges will overheat and get squirmy at the track.
The stock sizes are fine. They're what give the bike it's agility so don't try to lever something bigger onto the stock rims. As long as folks keep making 110s and 150s, that's what I'll use anyway
-Get some sliders and find some way to protect the cases. If you go down, your day will be over. I can assure you no one in the paddock will have B4 spares.
-Closing speeds on the straights on a "proper" track will be your downfall. I thought it was bad at Pocono but 1k bikes coming down from 160 into the same corner were a bit daunting at NJMP.
There is only so much you can wring the little bike's neck and after some carb/intake/exhaust work I'm managing to hit closer to 120-125 indicated now versus the steaming 110-115 from July. Even then, you're at a modern bike's mercy so be wary of your 6 and keep the cornerspeed up.
-You will put up a good fight in the corners if you did your homework on suspension and brakes. I know I was giving just about everyone fits because the cornerspeeds you can achieve with the little bike are retarded. Only the guys running dedicated track bikes with slicks were going around.
Do some research and take a riding school if you can. It will help the learning curve tenfold. I'll tell you this, the track is very, very addicting. I just wished I had more money to do it as well as time.
Pocono last year
Lightning this year