Having been in KL for a couple of years and the races at Sepang I think I can help a lil bit..

1. Get the main grand stand tickets. Absolutely the best place to watch from, and unlike F1 its not too crowded, so you can walk across other stands as well, get the best seats ... and dont miss the view of bikes from the last U turn from the main stand.. very nice place to take pics from.

2. I know you said budget trip, but RM50 is a bit less.. you would get accomodation, but not too great. Try tune hotels (air asia subsidiary). If you could go till RM70-80 you can get better rooms near KL Sentral (try getting there since its centrally located and more accessible).

3. About most gears, you can get it at the venue itself!! Why go else where ... About R1 spares, I'm not 100% sure of the location, will have to dig out some info, best person to ask would be Joel, I think he also was planning to visit with some friends.. see if you could tag along

Thanks Keerthi for the information and the approval..

Yeah I had PMed Joel, but no reply from him...

But since the main-stand is a straightway, I can get good shots at the grid line-up,not when riding...

PS: Is it possible to rent an SBK and ride with an Indian License?

As I was saying, you can walk around. It wouldnt be so crowded and you can go to other stands to get different views.

Yeah you can rent SBK with indian license. I had a couple of links, but not able to find them now. May be you can google, but you should be ready to pay for it. Its not cheap as Thailand

Hmm..will check it out....

just wondering, what would be the budget for attending sepang motogp? Total cost as well as breakup (tickets, accomo, travel etc.)... Anyone?

50RM is too low for a hotel. Decent or rather clean hotels will ateast cost 80RM.
The sepang track is very close to the KLIA airport. Can make a quick trip in a taxi. From KL sentral to Sepang will cost you a good 80-90RM one way. So if you in a group, it will work out.
Grandstand is the best place to watch. Like sksy said, you can pick the best place and settle. I never paid for tickets coz I had a free MSS pass and I could even do pit walk, meet the legends and click pics
Bike parts are mostly at places around KL sentral. Sentul is a good place for such stuffs. For R1 parts, you can try a yamaha dealer, but singapore is more desirable for such shopping. Helmets are very expensive at KL compared to Thailand and singapore for the same stuff.

Thanks Joel...