Sv650 makes a great track bike.

Depends on the club, at the minium you will be required to wire the oil filter, tape headlights if they are glass. Some clubs required water in place of coolant.

^ pretty much.

You can use a hose clamp on the oil filter and then wire it to the bike. Gloves need to be guntlet, most likely you will need Snell or ECE certified helmet, some clubs will allow fabric gear. Tires and brakes should have no more than 50% wear.