From what I've heard, leave the basket alone, don't weld it or anything. But make sure the springs are good and the stack height is correct.
I've read on other forums that guys are drilling additional holes on the basket, to allow more oil to pass through and cool off the clutch plates faster. Not sure exactly what they did, but you should be able to find in on Gixxer.com or something.
Also, when bike is sitting in between runs, lift the tank (hold open with seat) to allow better cooling, and remove (do NOT forget to replace!!) the oil cap to let it cool faster as well.