I actually did this with another bike. Found a Nighthawk 700S in a tow yard, traded for it, tore down the engine and got it running. Found the DMV fees were too high so I bought a heavy fixer for the frame and parts. Paid some $400 for it.
The spare parts are great to have around or to sell on eBay.
It's really sad that the DMV or whoever is in charge has these screwed up rules.