first and foremost... you need a rule book. They can be ordered from the SCTA website.
The next thing would be race prepping it to SCTA specs. Safety wiring, cut off switches and the like.
Time to do it? depends on how much spare time you have.Prepping a Production bike isnt terribly involved, but it does take effort.
Next thing would be riding gear... you will need to meet the new "All COW, NO PERF" leather requirements (see the thread about Motorcycle Leathers elsewhere on this site to read up on the issues).
Finally, if you are looking at setting records, ya need to look up the current record and see if you would be close. If yer just going out to race, and not worried about breaking a records... no worries. but to start... what displacement is the bike?
Might I make a suggestion?
Come out to the Bub's event and run your bike in the "Run What ya Brung" class. Its less involved to prep the bike, and will cost less.