If I do decide to go for practice days at the track do you have any suggestions for prepping the bike for the track and also in trying to help prevent damage in case of a crash?
Thanks for the help guys.
The best advice I can give to prevent damage, in case of a crash, is to install frame sliders. They saved my VTR's side plastic when I lowsided at track school this summer. I still had to replace the shift lever, clutch lever, and the bar end, but the rest of the bike came away way better than if the slider wasn't there. If you're getting serious, you may want to think about aftermarket case covers, and rearsets with more replaceable bits, like I've seen from Graves.
Although the best way to minimise damage is to not crash, so to that end, make sure you've tires that are in good condition, and be sure and warm them up before you start to get aggresive.
(My lowside was on the third corner of the afternoon session, after about a 2hr lunch break, due to another rider's broken collarbone)
Have fun, it's addicting.