
As Cliffy said, the MA Rec license is the cheapest option and you shouldn't have to do the competency if you have held a full license.
Just to clear up one of your other questions. if you turn up to a track day with an out of date or cancelled license, they will not let you ride. A young fella on his P's was refused registration last track day because his bike was not a LAMs approved bike. I states in the terms of agreement that you must have a current license and an approved bike for any license restrictions and they do enforce it.