Hey Zac,
As TZ said, you'll need to decide what ignition you want to run to better determine what wiring you'll need. I know Muzza has a section on race prep on his website but I don't recall if he covers wiring or not:
http://www.ozebook.com/compendium/t500index.htm
My race bike is based on a GT500 and it uses the PEI ignition system that Suzuki added to the GT500 in 1976. Since the PEI is pretty much a separate circuit, it's easy to remove all the street related stuff you don't need.
For a T500 based racer, a self-generating magneto type system would be better as you can pull the whole harness and run without a battery. Trouble is, there not a lot of options for this type of system on the market currently. Rex Caunt offers a complete system for the T500:
http://www.rexcauntracing.com/pages/pro ... icing.html
but it's a but pricey at £484.83 ($793.34 US currently).
There's these guys in the UK as well but they don't list any prices:
http://www.roadandraceignitions.co.uk/14.html
And then there's these guys selling a racing system for just under $400:
http://www.powerdynamo.biz/eng/systems/ ... 85main.htm
I have heard of people adapting PVL systems to the T500. The Yamaha Banshee 350 would work although you'd have to figure out how to adapt the rotor to the T500 crank and figure the correct timing. I've seen complete PVLs for the Banshee sell as low as $99 on Ebay... These guys offer a PVL for the T20 that could be adapted:
http://www.pentonracingproducts.com/application.htm
Otherwise if you're going to use the stock points, coils, etc. you'll need to keep a battery in the set-up (although you could run with a small gel battery hidden under the racing seat) and you'll have to decide if you're going pull the rotor and gut the stator and run total loss or not.... Either way you would probably be better off building a new harness rather than trying to use parts of the exisiting harness.
Jim