Check with Brok ... He can get you DNA Racing wheels and those are really really good.
And, do use a 5" rear rim. There are many tire options. There is a great writeup on Barf & on SMJ on how to make a 5" fit with tires. I use a Michellin supermoto slick on DNA Racing 5".
Brakes : You will be fine on the stock front brakes, but keep looking for a Motomaster setup. They pop up quite often on SMJ, typically around the 300-400$ range for rotor + caliper + front steel line.
Suspension : Send it to Bucky (Buck Gerolamy). He is @ Sacramento area. ask anyone riding SMUSA and Buck's the man. Plus, he is very affordable.
Sliders : They are a must at most tracks, axles & handlebars you can diy them with threaded rod + skateboard wheels.
Catch All : Catch cans for all fluids are needed. Engine breather hose need to be contained. {dont just shove the pipe into a container, as it needs to breathe}
* Assuming this is not a street legal bike and track only