Hmm track bikes..... Well considering the price hike and sole operater policy at the creek the cheaper the better as track bikes aren't worth much anymore.
You might also consider racing it as the PCRA have a new era class for pre 96 model bikes. Rob can fill you in the info on that if your interested.
The obvious things to look for are smokey exhausts and excessive oil use as track bikes have a tendancy to bounce off the rev limiter a little more than road bikes. If possible, and it may not be, get a compression test done as this will give you an idea of the engine condition. Valves don't last long at high rpm either....
Frame straightness is another difficult to check item but track bikes seem to fall over a lot... A simple check is with a string line.
Bent shift forks making shifting difficult, gears jumping and false neutrals can mean gearbox problems...
Generally if it looks in good nick its probly been looked after...
Oh, and make sure you give it once over and check that bolts are tightened, exhaust clamps are in good condition and the tyres are ok..
Some ppl don't do that and then only have themselves to blame..

..
you know who you are...

Dave
2010 Z1000
ex bikes
05 ZX-10R Race Bike - No.77
95 ZXR750R M Race Bike - No. 75
98 ZX9R Race Bike - No. 000
zx6r, zx7r, GPX750, GPX500, lots of KX's.

I ride way too fast to worry about cholesterol