Good write-up! Too late and tired to read all the comments, but I must say you left out some important things on the cost side. Even if you get the bike, gear and all that stuff, and you live fairly close to the tracks, the biggest costs that rack up quickly are the race fees and tires. Tires wouldn't be quite as big a deal on a lightweight bike, but on a 600+ bike it adds up quick! Then there's the race license and fees. If you're going to travel a few hours, it's not worth it for a 10-minute race...hence all these racing orgs have so many classes that pretty much no matter what bike you have, you can enter at least 3-4 races in a day, plus 1-2 practice sessions, you can just about make a day out of it. Not sure on the costs for all orgs, but CCS charges 85 for the first race, then 55 after that if I remember well from last year. So 4 races and you're already at $300 which is more than the cost of a track day and you get less riding time.
For me the biggest thing was the cost and the travel. I wanted to try it out, so I made it happen last year. Did 2 weekends with CCS at Blackhawk Farms and Road America. I can say it was the most fun I've ever had on a bike. But being 7 hours away from the closest track I can race at, most of which are farther away, and the cost of the fees is what keeps me away from doing it more unfortunately. Luckily our local track day organizer started doing a couple of races on Saturday evenings at each weekend even with 2 different classes (lightweight and superbike). So I'll get to do 9 of those if I attend all weekends. Those are unsanctioned, just for fun, but pretty much follow similar rules as most racing orgs and they even give out some trophies at the end of the season, and it's 120 bucks for all 9 races, or 20 bucks a race if you just do them individually. So much cheaper, and they're done at 2 tracks which are both within 1.5 hours from me. I'll have to settle for that for the time being, but hoping in the future I can do more. The camraderie at racing events is really awesome though! Lots of great people from all walks of life!
Aside from that, your write-up was spot on. I used to use some of those excuses until I just said "fuck it! I'm doing it!". I knew I wouldn't be fast, and my goal was to not be last each race!
....ended up getting 2 Second place trophies (don't ask how many people were in that class!...it was more than 2 though!