Re: wet weather gear?
I agree with Oscar, make sure EVERYTHING is sealed tight. Use RTV on your magneto cover gasket, and squeeze some RTV in the hole where the wires come out. Use "liquid electrical tape" on your electrical connections. put some RTV where the wires enter the cdi.
Also...FENDERS. I don't have fenders and seriously wish I do when I ride in the rain.
As for riding gear, I've ridden a few times in the rain so far.
What I wear:
waterproof pullover jacket (zips to my chin)
some slightly water resistant pants
long-sleeve shirt, preferably synthetic, long enough to be tucked in.
gloves (leather/acrylic combo)
It works decently, but my legs still get soaked because my pants aren't completely waterproof, and my shoes get soaked as well. I bring along a spare pants, sandals, and underwear so I can change at work because I'll be all soggy.
What I want:
1-piece waterproof jumpsuit. Kinda like a hazmat suit or something. My wife suggested a gore-tex suit.
shoes that don't suck up all the water.
Right now it's chilly when it rains, but not too bad. In a couple months I'll have to worry more about keeping warm as well as dry, seeing as it'll be snowing.
Hope that helps.