Paint: Use a single stage automotive paint. If you don't have a compressor and gun, pay someone to do it (or buy the stuff yourself because you will use it).
Rattle can works, but if you spill gas on it, there goes your paint. Plus, rattle can tends to flake off.
Clipons & rearsets are Woodcraft - CFM all the way. Don't even consider anything else, it's just not worth your time.
Tires - whatever floats your boat. Just use a RACE tire, not a street tire...
Warmers - PD warmers from
www.tirewarmers.com (tell Jim I sent you over)
SUSPENSION SUSPENSION SUSPENSION.... This is NOT an option. It's expensive, but you WILL crash without good suspension...
Weight? Don't sweat it... Leave the fan on. I did... Get rid of that boat anchor exhaust. That's some weight savings. Oh, 520 gearing as well (
http://www.moto-heaven.com ask Phil for some Thrust gearing) significant weight savings there right off the drive line...
SS/Kevlar brake lines are a must as well...