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I would do the same thing, take it out and have fun with it. I just bought a wrecked one to turn into a street/drag car myself. You could talk to the body shop and ask them who in town has a frame rack. They put the cars on the frame rack and can check how straight it is and if it isn't straight then they can use big hydrolic Rams and straighten it out.
twins are great for drag racing but not sure how well the do on a track where you are on/off the gas all the time, a supercharger might work better for that but I don't know anything about that kind of racing. As far as suspention, I'm sure the aftermarket stuff is better than factory stuff but more expensive also.
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