It will at least need a full wiring job, do you even know if it has an alternator, it may run 'total loss'?
One job that I can see is the lack of a kick starter, and with the current set up, you'll have to re-engineer the gearchange linkage as well.
And when you remove that fairing and seat, how pretty, or not, will it be...? And what will you have to change, re-site, fabricate, etc?
On top of all of that Johnny, it is a racer, so the most obvious concern would be the condition of the internals etc.
None of this makes it a bad bike of course. And please do not think me impertinent, but I am very empathetic to your situation with a new child (congratulations by the way) and I know only too well how little, as in bloody close to zero, spare time you will have for a little while !!