too bad you got such an old bike...hopefully it wont give you problems...but its good to start off with a smaller CC bike...
as far as gear...make sure u get a nice full face helmet, and not one with an uplifting face...you want a solid frame design...
for gear...DO NO..repeat DO NOT get mesh gear. it friggin sucks. i had a 300 mesh jacket with CE padding and everything. i lost by bike @ 60mph and was cut very badly on my arm because the jacket fell apart. you want genuine leather (preferably kangroo if you can afford it, but cow is ok) and if it is hot where u are get perferated with vents in the sleeves and back.
get some nice gloves...with knuckle protection and something for your palm...leather is always better, but my mesh ones did ok in the wreck...
for pants...i'm not sure about this because i was wearing old navy jeans...my legs were ok , just a little rash...
you might consider some of those aramid jeans or possibly some leather slip ons.
i never wore riding shoes and my feet/ankles are ok. however riding boots arent expensive and really will help if you ankle gets trapped...
you really do need to spend the money on gear...for good gear plan on around 1000, maybe a little less. but trust me, its worth it. i only spent 500 and what did it get me? a night in the hospial, 20k bill, 60+ stiches...and tons of morphine/lortab granted my wreck was pretty bad...but i know if i would have had a better jacket i could have walked off with a few stiches
PM me if you want pics (proof) or if you would like advice on gear.