Nice work, twitchmonitor, enjoying the thread. Not to be a complete buzzkill but won't you need to put fresh rims and new bridgestones on this bike if you're going to race it?
Seems like the peace of mind you'd get from having track contact items brand new would make going over budget worth it.
Those guys over at the 160 forums had a handle on a group buy - new aluminum rims from a European vendor for a pretty good price. Rims, lacing with good fresh spokes and new rubber is going to take you right to the limit of your budget? - at least. And they get their tires at a great price too.
Then there's brakes . . . I'm just adding everything up here and remember two years ago when I restored and race prepped my 67 Bultaco 250 for AHRMA racing - the bill from Vintage Brake for Excel rims (F&B), ss spokes, lacing and V2520 riveted compounds on just the front brake (71 CB350)= 1450.00 USD - worth every penny too because I can stop as well or better as some disc brake set ups I've had.
Dunlop racing tires from RC Barker = 400.00
I just don't don't see how you're going to do this racing set up safely for 450.00
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Just since I'm thinking about it at the moment, here's a quick breakdown of the associated costs incurred in my tiddler project:
Bike: 1968 Yamaha YCS1C 180cc twin
Purpose: AHRMA legal 200GP class road racing
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The bike: eBay local find 346.00
Excel aluminum rims, ss spokes mounting to OEM hubs, etc 800.00
Brakes, relined by Industrial Truck Inc. HD compound 146.00
Control cabling parts and levers, Flanders Co. 75.00
Clip ons, Paolo Tarozzi, internet find 115.00
Tires, Avon RoadRunner F&B, RC Barker Co. 300.00
Fork seals, eBay find 30.00
Misc. replacement fasteners, McMaster-Carr 100.00
Swingarm Bushes, Vintage Yamaha Co. 40.00
Frame Paint, "Spray Gray" Eastwood Co. 50.00
Engine Porting, Scott Clough Racing Engines 300.00
Carbs, Mikuni VM 22 (2) Sudco 150.00
Expansion Chambers, Scott Clough Racing(includes R&D) 350.00
PVL Electronic ignition Penton Racing Products Co. 600.00
Various machine work that I couldn't do myself. 200.00
Cylinder boring / honing 200.00
Cylinder head work, Scott Clough Racing 250.00
Misc. hardware, abrasive pads, sandpaper, cleaning supplies etc 175.00
New Fairing, Yamaha TD3, Local fabficator 180.00
Sculpting foam, Tank, Seat assy, rear fender, 80.00
Epoxy resin, fibre, brushes, squeegees, etc 200.00
Bodywork paint, Krylon Multi Purpose, West Whittier Paint Co. 24.00
Bodywork supplies, 400gr, 1000gr, foam pads, tack cloth, etc 35.00
Clearcoat, Spraymax 2K (2part) X 2 50.00
Polishing compound, pads etc 40.00
Numbers, eBay 10.00
Bubble, Gustaffson Windscreens Co. 120.00
Mistakes, misorders, bought the wrong parts. over 200.00
Racing Clutch Kit 150.00
My Labor, several hundred hours 000.00
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TOTAL: 5,316.00
Now you can see why I chose to rattle can the finish. I figured that since I've done everything else myself, it is Christmas time, and the professional paint jobs I had quoted were from 1200.00 - 1500.00. Add 1400 to 5316 and you get 6,716. BTW, after hours of study and talking to professionals, I did the paint right and it looks perfectly servicable for a racebike, in fact, I surprised myself, it looks good.
Granted, Most of the things listed above, especially the 2 stroke specific things like expansion chambers for a twin, the bodywork supplies, and some other stuff are not applicable to your project, but make no mistake, the wheels, brakes and tires are things that are going to keep you in the vertical position on a race track and keep you out of a hospital. Those 160's are hella fast for 14 hp (claimed) mostly because most of the riders are expert that are racing them and DO NOT LIFT IN TURNS - I know, it's fun to talk about how slow and easy to pilot, low dollar etc, etc the Group W F160 deal is but show me a racing development project in which the goal is to beat the other guys and I'll show you cost over runs and a budget that over time gets pretty much tossed.
My bike is fully GP kitted and thats a ton of costs and labor, I assume your bike will have a single small fairing and stock tank?
I spent that 5.5K over the course of two years so It's not as bad as it looks. I have a tiddler 68 Yamaha twin that will pull 30HP (crank) at 10K. Just for fun. Now if I can lose about 60 lbs, I should be good to go! ;-)
Don't get me wrong! I like what you're doing and you seem to have a lot of varied skills and seem to be a smart guy, Just don't be afraid to spend extra dollars on the important stuff, which in my opinion is wheels, brakes and of course, tires! The engine stuff is not as super critical, IMHO. - especially if you're going to grid this bike for the first time this year.
I hope to see you at Willow Springs in April, Portland in May and Miller MSP in September!