My friend came across one that was setup as an ice race bike, just about all stock minus the lights except the headlight. So i tried it out while he was on his yfz450 brand new when they first came out, and i was impressed at how well the FT went. The ascot doesn't have that crazy acceleration as the quad but it wasn't far behind and once it got moving it flew passed.those quads are all about acceleration, we got chased one day and both got away .... the ascot had a good run that day lol. Couple weeks went by and i ended up buying it after one of his other friends got it impounded. I kept a few things from it and got rid of the frame since it was tweaked from god knows what. Just last year i was looking for a bike and low an behold an 82 FT listed for 600 $ and was all their. Had some white plasti dip paint all over which didn't look bad but wasn't my thing. Real nice guy was his first bike and he was the second owner, i offered 500 $ cause it didn't start ( bad battery) plus i was going to say I'd give him less but he did put time and money into it and it had a title ( unlike most of craigslist ). Me and a friend i worked with went and picked it up after work, peeled off the plasti dip and i couldn't believe the condition it was in, original paint that was hardly faded. A fresh battery, spark plug and fuel and it fired up, plus I've got a whole other engine i held on to for over 10 years so even if it didn't run i had one i know did.
It was a smart buy both times, a real good feeling bike. Only thing i had a little confusion on was the style of it. It's basically to me a street styled bike with the front end of something like a cruiser, much like the magna. Never did get why but still a good looking bike, think the 90's VFR interceptor cowl would have been a nice final touch.
Never had the pleasure of the VT500FT, I'll have to keep some eyes and ears out for one.