I can see this is probably going to be quite a long project, but as they say, you should always start with the end in mind. So this is something like what I am aiming for. A TR500 replica circa 1972 (the air cooled version) eligible for Period 4 historic racing in Australia.

Back in 1971 I briefly raced the 250 version and for years have wanted to relive those "glory" days! Talking to the marital control board about it, she questioned whether I would be happy with only a 250 after racing a Supersport bike so after some careful thought (about 3 nano seconds) I agreed that a larger cc might be more enjoyable. I briefly toyed with the idea of a TR750 replica, even a widowmaker Kawasaki, but kept coming back to the 500 as a more doable and cost effective project as they had proven reliability and reasonable, if not outstanding, performance. So bang for buck, a 500 it was.
As I am living in the US at the moment I decided to start my quest here as parts seem to be quite cheap compared with Oz. Of course I will have to add the cost of freight back home when the time comes, but I think it will still work out cheaper. And so to ebay where I have spent many lonely hours scouring for bits. Got to shop around as prices vary significantly!
As a start I have bought a T500 frame and swing arm ($75US),

a rear wheel ($45US),

front forks and triple clamp off a GT550 as this gives me the twin disc setup ($122US)

a GT550 hub (already drilled for 2 disks, $60US)

The discs themselves ($50 the pair) have come off a GT750 water buffalo and since this photo have been to a machine shop for 36 hole drilling which is essential for wet weather stopping, this set me back $110US.

A set of calipers off a GT750 for $35US (have a rebuild kit for them) completes the front end. I will probably mod the forks with racetech emulators and better springs at some stage.

The guy I bought the frame off just happened to have one and a half T500 motors also which I picked up for $200! I drove from Vermont to north of Detroit, Michigan to pick it all up - I was exhausted by the time I got home!

I have a new aluminium flanged rim for the rear but trying to find a WM3 with spoke angles drilled for a disc hub is proving more difficult. Current searches are leading to the UK. Michael (Mercury) Morse of vintagebrake.com has supplied the racing brake pads.

There seems to be endless information on converting the road bikes to a racing spec and interestingly enough, an Aussie site seems to be the most acclaimed and is hosted by none other than Perth based Murray Barnard. So already, some motor specs are starting to be thought about. My neighbour here in Vermont is an ex motocross tuner so we are having a great old time discussing porting and expansion chamber design. In fact he has got right into the intricacies of chamber design and I think we might be able to come up with something fairly special. I think many beer fueled discussions will eventuate before we settle on the final specs! Also thinking about investing in one of the Tuning Simulator packages that are out there.
I will do all the rebuild back in Australia next year.
Some extra barrels and heads also came of evilbay as well as this nifty exhaust gas temp gauge.

A nice pair of completely reconditioned Koni shocks followed

As well I have stocked up on numerous items such as bearings, seals, master cylinder etc to the extent that the wife is starting to cringe every time she sees the UPS, Fedex or USPS truck in the street! In fact the USPS lady just leaves the stuff on the front deck now instead of me having to collect it. Bargain!
more to come....