The checkered holes were the brainchild of Chris Redpath at MotoGP Werks (714-633-3855, if you like his handiwork). I've NEVER seen anything like it. He felt it was safe considering the use of the thick, stock rotors. He also milled the lower forks with ribs that extend up to the gators. The calipers and master cylinder will be period-authentic/appropriate AP Lockheed finished off with steel-braided lines.
Chris is a former MotoGP Redbull Grand Prix Tech, Yoshimura Research and Development Engineer, and Kawasaki Factory Race Master Tech -- so I think he's on sound footing (experience-wise).