Great thread! When I lived in Los Angeles in the early '90s my GSXR 750 was stolen. Before I got my next road bike, I picked up a KLR250 that needed a rebuild. I put street tires on it, fabbed up some rearset pegs, lowered the front end and ripped that thing through the canyons like a madman. I totally get your first post sentiment - "It's more fun to ride a slow bike fast than a fast bike slow.".
I could ride that thing downhill faster than full liter bikes. It weighed nothing, the tires I used stuck like glue and I could hold it pegged almost all the way down the mountain. I once passed a GSXR 1100 on the outside in a big sweeper and proceeded to leave him in the dust.
well, until the road turned uphill again...