A bit of an old thread but hey,
PCRA post classic racing association is the overseeing body for bucket racing. Google should point you in the right direction as to which is your nearest club.
I bought a H100 with the aim of building a bucket racer but it never eventuates as the bike seemed to good to mutilate.
Although originally intended to be a cheap form of motorcycle racing, it became very competitive and guys started throwing big dollars at bikes in order to stay in the race. Recently proposed was another class designed to encourage the likes of yourself and me to get into racing. A one bike class with very little mods allowed to keep it as cheap as possible and thus more attractive. Using Cbr125 road bikes as a base.
I actually went as far as buying a Cbr and building it to be raced. Rearsets, clip ons, Moriwaki faring etc it is a great fun bike to ride. My racing career has been put on hold by other commitments but I still get the little girl out for a fang here and there.
I'm unsure as to if the class ever became reality but it was going to be the cheapest way to get on a track.
Hope this helps with your quest to race.