I started on (and still own) a '97 EX500, and went out and bought a '93 F2 trackbike if that tells you anything...
There are a lot of things to like about the EX:
- cheap on tires. really cheap. like 1 rear should last 10+ TD's cheap.
- really easy to find (stock) parts
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www.ex-500.com
- did we already say cheap?
and some draw-backs...
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race and performance parts aren't super easy to find (namely rear shocks - I literally bought the F2 because putting a $400 used Penske on my EX just seemed silly)
- The stock clip-ons are WAY high. Woodcraft's lowered risers help a lot, but it's still not easy to get great body-position
- at least 20 hp less than an SV, and heavier... top speed is 120 if you've got a tail-wind. I'd gear a track-only EX -1/+2 though. the guys who race them claim top speed is still the same, but you actually need 6th gear to hit it - redline in 5th will get you to terminal velocity with stock gearing.
- limited rubber selection. stock rubber is 110/130. You can pinch a 120/150 combo onto the EX rims without a ton of trouble, which gives you the options to run Pilot Powers, or Dragon Supercorsas if you're going to race, but there's nothing great in the stock size.
So yes, tracking your EX will be cheap, but being competitive on it will be a journey into expensive modifications. As someone told me "I would have to think the suspension will limit you before you even get out of "B" Group."
it's a poor craftsman who blames his tools, but moving from the EX to the F2 was a ridiculously dramatic change. Everything just feels more natural on a more sport-oriented bike.. Moving from your Triumph to the EX may have the opposite effect; it'll feel harder than it should.
if it were me - you said 2002 EX500, right? Sell it for $2k in the spring, and buy a mid 90's 600, or a first gen SV with all the track parts on it already. Definitely the SV if you want to race. If you're set on racing a 500, go to that EX site i linked above and trade for a race bike straight up. You'll save yourself a lot of money.
I think it was Buck who said this to me, but "the EX500 was the original SV650 - it's what everyone started on when they wanted to get into racing." Kind of makes the EX irrelevant these days. But i still love mine for street riding. if you keep it, it makes an SV (or an old honda) feel that much faster on weekends.