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Hello,
New to the forum and the GSXR! I recently acquired a really nice 2001 K1 model and the only mod to it is a slip on Viper exhaust and LiPo battery. The bike has no issues and currently has 50K on it. I want to do some upgrades to it aimed at bringing it up to date. Mostly I will be using it for daily rides and possibly some track days (beginner). I perused the forum and there is so much information and this question has been asked before, but I thought I would try to bring it all together with a new post. As far as the budget is concerned, I have about $5K set aside.
 

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There is a lot you can do but only a few that you should do. It's almost a shame to start ripping these bikes apart now.
Leave the motor alone. Get a power commander and dyno tune it. Stock titanium Exhaust header is about as good as you can get, the viper can isnt the best but there aren't that many choices for a new can anymore so it's up to you.
Suspension is where you can spend some coin. Rear shock replacement is pretty much mandatory now. Front end can be swapped from a newer bike to get the radial brakes or you can put cartridges in the old one and get better pads and lines to upgrade the brakes. 750 calipers of the same vintage are considered upgrades.
 
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+1 leave the engine alone. It may be an old 1000, but it's still a 1000, and will have way more power than you'll need to get into track days.

Boosten is right - invest in brakes and suspension. Trust us. IMO, you cannot invest too much in brakes and suspension. 5k should be plenty to find some top tier used bits and some new parts.

Although my 2004 750 came messed up (unlike your beautiful machine) the main complaints about my model were the brakes, followed by suspension. So I did what any aspiring rider would do, and dumped about 2k into front brakes, and had my suspension fully maintained at a shop. In my case now though, I think my epic front brake setup has now caused me to bottom out my forks a lot, so I have Racetech springs I am going to throw in here soon enough to remedy that.

But yeah I would keep the engine stock. My bike also came with a buncha miles, and so I run stock oil and air filters, and had my local dyno guy do an ECU flash and tune. If the engine made it the 45,000 miles already on stock filters and whatnot, I want to keep it that way. No need for a less filtering air filter to gain 2hp and potentially wear out the engine faster, or a cheapy aftermarket filter that wasn't engineered as well as the factory one. It's not worth it, we're not racing to win.

Go through every maintenance item in the book for the engine, suspension, pivot points, bearings, fluid changes, and replace any lost OEM hardware, and torque check everything. And if your engine makes a lot of top end/valvetrain noise, get a manual CCT.

Then ride it to your hearts content. Hope this helps! Old machines are awesome.

-Mike
 

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K-Tech still makes your cartridge kit.
They may also have your shock.

Brembo calipers, rotors, and MC with SS lines will be a nice upgrade also.

You can get all that new for 5K.
 

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Great info to get me started, thank you. I will search for brake and suspension upgrades to get started with. Will need to source a manual also. I assume the rear brake is sufficient since I only noted comments about the front?
 

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No one uses the rear lol. I purposely kept the rubber line and stock pads so I could modulate it without worry on the track.
My front brake set up is 06 front with radial calipers, ebc pads, brembo r1 master, full floating disks and braided line. It's frightening how quick it stops.
My front end has an ohlins cartridge and sprung for my weight. Ohlins steering dampener rounds it out.
Rear is a Penske triple clicker.
 

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Steering stabilizer, steering stabilizer, steering stabilizer, steering stabilizer, steering stabilizer!! First thing. I’d go with the Scotts. GPR is a simpler version, so you’re gonna have to do your research on that one. Basically the GPR is a dial from stiff to soft, the Scotts has two or maybe it was three knobs I can’t remember, it’s got a low impact and a high impact setting, and then ‘how much dampening it will do when problems arise, knob’. I don’t think it’s that complicated, but I remember, scratching my brain a bit, it’s definitely worth studying, it’s a brilliant piece of machinery. But man, that era bike is iconic, simply a legend, and in my opinion, it was that era bike that made the GSXR one that will never be forgotten, will always be talked about, easily recognizable, even buy those who don’t ride… and anyone like me will tell ya, turn on any stunting video, you will see a lot from that bike, that bike is a tank on one wheel, which is both a good thing or bad thing… a bad thing because it’s a mofo to get up, but once she’s up, boy, I Telya… Straight and steady!! if you’re not familiar with that bike, beware, hard throttle shifting from 1st to 2nd, front end gets light, then touches down as you’re making your shift and it will want to buck you like nobody’s business, tank slap the s$&@ out of you for not listening to me and getting a stabilizer. 😜

that bike, my first true love, the one I was hell-bent on learning how to Willian, and even when the guy on the 750 with a -1 front sprocket told me I’m gonna have to gear it to get second gear wheelies up, but me, being a stubborn soul that I am, didn’t listen, but boy did I get it up, and didn’t stop there was able to bounce up third gear, wheelies as well stock gearing, I was bullied my whole life I’m not the biggest guy I love Volkswagen, Herbie, doing the unthinkable, proven people, wrong, I’ve heard many people talk about that bike, wanting to do wheelies, but thought it just couldn’t do it, partly economics, partly weight , partly people making excuses, giving up blaming an inanimate object for their shortcomings, LMFAO. Sold it to a buddy who just recently sold it, and I literally cried he let me borrow at once when I was in between bikes, took it for an overnighter adventure I talked to it. I told her that I missed it. Thank you for keeping me safe, dead serious.

All of the new bikes, don’t have the same, whatever it is, that made those bikes do it, geometry I’m guessing, it’s the first thing I buy on every bike. Those are my thoughts, for what it’s worth.

Congrats man, on one side of things I would say stick that in the garage and keep it as a conversation piece, but F that!! Have fun, be safe, such a gorgeous example of why many are lifelong fans of Suzuki. Cheers!!
(Edited)
 

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No one uses the rear lol. I purposely kept the rubber line and stock pads so I could modulate it without worry on the track.
My front brake set up is 06 front with radial calipers, ebc pads, brembo r1 master, full floating disks and braided line. It's frightening how quick it stops.
My front end has an ohlins cartridge and sprung for my weight. Ohlins steering dampener rounds it out.
Rear is a Penske triple clicker.
(no one uses the rear, though they should… mostly because they don’t know how 😜)
 
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