If you can keep the rpms where the motor makes power, and if that rpm range is long enough, then in theory it doesn't matter too much if its a high strung motor, or if it makes the power in lower/mid rpms. I'm not a fan of putting a 10k rpm motor powered by hamsters into a tin can, and calling it a car. But each to his own, it comes down to power:weight ratio, suspension setup, and the ability to keep the motor in the rpm range where it makes power.
But to do that with an '04+ R1, you're talking about 10k rpm launching. You're talking about eating clutch after clutch. Check out the prices of yammaha clutches, they've gone up a ton in the last couple years. I use to be able to get the steels for under $2/each. And now they are $6ish. OUCH. not to mention the fibers that without question need be replaced all the time (even if you manage to keep the steels from warping).
Well, thats my two cents. Dont' get me wrong, I love my R1, and its a great all around bike. And its certainly a little more unique, as there are far fewer R1s at the drag.