My only issue was that the long bolts and nuts make it easy to hit the tank.
That's right. In order to make them not hit the tank on my F1, I had to add about 3/8" to the stops on the handlebars. Made for wide turn when walking the bike around (not that I did that very much, but moving it in the garage was a pain).
Also, the stock Honda Front MC will not fit on the bars. That's another problem I had with my F1 with those bars installed. I actually made up 2" extensions to make everything fit.
And, no, you don't NEED rearsets, but they make your back feel nicer if you have them. Mine were mounted under the top triple tree, but for a lower front end, you can also run them on top.
here's a picture of my old F1 with them on: