1) Jet your bike properly for your mods. Running stock jets with those mods could ruin your motor.
2) If you haven't yet, get the tors removal kit and put the idle screws in your carbs.
Hmmmm its hard to say. I've seen some 500's rip hard. If his 500 is bone stock besides a pipe, IMHO I think you'll prob pull on him.
Make sure to get this race on Vid!