I have been using my 5 Gen at the track pretty much exclusively for most of last year, this was due to not having a salvage title done free my low side on a freeway off ramp. I have been working with the California Superbike School as a corner worker which has given me a lot of track time. To use my bike on their tracks, we need the minimum done to the engine, which is safety wire the oil filter, oil filler cap and have non glycol coolant. I took mine a step further and safety wired the brake caliper bolts and front axle. As some track day organizations have slightly more safety requirements.
So for suggestions, two things for sure, get some pure sport tires on the bike, although I had a decent level of performance on my 6 Gen with Michelin Road 5s, I wouldn’t use them for more than a day or two. Not that they couldn’t do the job, they did quite well, but I would definitely not be pushing it like I would with pure sport tires. Although that being said, if your goal is to see how well your bike performs in street trim or to see how far you can push your bike, put whatever you feel you want to ride with. Just be cognizant that if they are not pure sport tires, that limit may be a bit less.
My choice has typically been Michelin so I have the Power RS on my 5 Gen right now but a great tire and a good bargain is the Dunlop Q3+. I have use the Pirelli Super Corsa SP2 and they too are a great tire but wear rather fast. However for track use they warm up very quickly and provide great confidence in the corners. I stuck with the Michelin’s as the Corsas are a little more expensive but don’t last as long and I just have a thing against Dunlop! (Long story)
The other is bike setup, not sure what purpose your 5 Gen serves, whether it’s your daily commuter, weekend fun bike or just the occasional ride every now and then. Mine happens to be just for play, I have my 6 Gen setup as my daily commuter so I haven’t really did the same to it as I did to my 5 Gen.
Anyway, what I am referring to for setup is more of the details of it. Like suspension, weight savings, brake pads, etc. I have actually updated both my VFRs suspension but with slightly different setups. I went with DMr (www.daughertymotorsports.com) upgrades for both bikes but on my 5 Gen I have a Penske rear shock and the front with the adjustable rebound inserts, both front and rear were setup with sport/track riding in mind. Also on both bikes, I have stainless steel brake lines (HEL Performance) but for pads I have Carbonne Lorraine XBK5 on the 5 Gen. I found these pads worked much better than the EBC HH pads I had and still have on my 6 Gen. The CL pads just seem to hold up to heavy braking and hard use all day.
Although the VFR is a bit more hefty than your average sport bike, I tried to shed as much weight off as possible without going too far overboard I.e. replacing all the bolts with titanium! So for this, I ditched the center stand, the OEM exhaust can and the catalytic headers in favor of no center stand, a 2 Bros carbon fiber can and cat-less 98-99 headers.
Im sure I forgot a few of things but I definitely have been enjoying the 5 Gen much more now with my current setup.
I hope this wasn’t too wordy and was helpful to you.
Cheers!