I would definitely pick up a $600 Honda beater before getting a Buell... You will drop at some point, better to do it on an old Honda you have almost no cash in than anything else.
Buells are pretty forgiving, but there is a limit when you have that much torque. Flipping these things is pretty easy if you drop the clutch.
If you can find a 79-84 CX500 or CX650, they are also v-twins with 100+ top end. I have a '79 that I love to play around with in town because it's liquid cooled. Get something like that at first, I would stay far away from anything pulling over 50 ft/lbs until you have 3-5k miles on the road. I know a lot of people go right for the 600 I-4s and the XB9s, but I'm glad I went with my Blast before I got the XB12.
Riding is a learning experience, and mistakes happen.
But most definitely: WEAR FULL GEAR. Go to leatherup.com and get some buffalo hide stuff from Xelement for some cheap, but pretty decent and durable gear. Just keep putting mink oil on it every 5-6k miles of riding and it'll keep looking great and it wears in wonderfully.
1979 CX500D ~28000 miles, it's ugly but she runs young. It's also a great thing to learn the basics of mechanic work on, worse case is you can always find old Honda parts easy. Buells are a lot more expensive. I've had a lot of fun doing basic restoration tid-bits on bikes. For 31 years old, that bikes doesn't look bad at all.
BTW, I only wear the half-helmet on that bike in town, usually I look like this: