More power to you! I’d love to see you getting into this stuff, though do be careful on the public roads 
Here are the most important things for a hobbyist track day rider.
1) Have your bike in order:
– The tech requirements you’ll have to meet differ from track day organization to organization, so you’ll have to double check with your host at the track. On the west coast, you usually only have to tape your lights. Your tech requirements may differ.
– TIRES!!!! Get some decent rubber on your wheels and make sure there’s plenty of tread left!
– Chain tension: make sure it’s within spec. If anything, err on the side of slightly too loose. Few things are more dangerous than an overly tight chain.
– Reasonably recent oil change.
– Check torque on all major bolts, especially those that prevent fluid leaks (e.g., oil plug).
2) Have your gear in order:
– Get good gear. Period. You know what that means. After that it’s all a question of how much you want to spend.
3) If you don’t have one, rent a trailer. U-haul is super cheap (~$15/day). Not only do you preclude the possibility of taking supplies with you, you’ll also be in no condition to ride on public roads by the end of the day.
4) Get some solid supplies:
– Extra gas. Get a good 5 gallons of gas to take you with you on top of a full tank in your bike. Don’t bother with race fuel. It’s a waste of your time. Depending on your bike (you have a GS500, right?), you may not even need premium.
– TOOLS! If you have them, bring all the tools you can to fix anything that could go wrong. You wouldn’t believe how often something needs tightening, loosening, removal, installation….and on and on.
– Stuff to drink, and perhaps also to eat. I usually bring a cooler full of water and gatorade and a couple of power bars. The track day orgs around here tend to provide lunch, but if yours don’t, you’ll need lunch too.
– If you have them, bring a canopy (think E-Z Up) and some folding chairs. Sun/rain can get oppressive after a while.
5) DO NOT FORGET EARPLUGS!!!!!!!!!!!!! The wind noise at 120+ mph will make you deaf in no time.
Definitely let us know if you have any other questions!
