Obviously, all lights and indicators get removed. You can, should you wish, remove the ignition switch and replace it with a simpler toggle switch. Alternatively, you can remove the ignition barrel, and use the headlight switch instead. This is pretty easy to do. I can't remember off the top of my head which wires connect where, but if you can't work it out from the wiring diagram, you probably shouldn't be messing with the electrics anyway.
Instruments Remove the speedo, and idiot lights.
Cut the instrument panel in half, leaving behind just the tacho and temp gauge. Some riders like to build a new panel from aluminium sheet, and mount the tacho so that the needle points straight up at 10,000rpm. I didn't bother. Controls Remove everything except the throttle, brake, clutch and kill switch. You can, if you wish, remove the choke assembly, but that makes for much harder starting.