GanjahMan,
WELCOME!
First off no Busa is a bad BUSA if your buying NEW! Just shop around and make sure you get a good deal. If not the best at least what seems fair to you.
As for the NJ DMV, I don't know but you can't go wrong with a MSF safety course. Most states accept them as a motorcycle test so.....you just take your MSF card down to the DMV and they give you a motorcycle license. Not only is it a easy way to get your license but will be a good refresher since you haven't ridden in a while.
As far as insurance it all depends but from what I have seen with high HP cars or any other toys, NY/NJ seem to be some of the highest. Just make sure you tell them it's a GSX1300-R NOT GSX-R 1300! Depending on the insurance company, they seem to try and rape you if it is anything GSXR!
Your best bet is to just shop around. I am paying less than $300 for 6-months with USAA and I'm only 23! Seems that most people that don't have USAA get the best rates with State Farm. It does help if you have multi vehicles with them though. Also you will get a discount with the MSF course.
As far as the 04 or 05 Busa!?!?! They have been saying major changes next year for the last couple years so get what you like/want and have fun. If your constantly trying to get the Newest fastest thing, you might be waiting a while.
Until then the Hayabusa has been the BEST all around bike since it's introduction in 1999!
Once again, WELCOME and post pics when you decide on a year/color!
Josh