This has already been mentioned, but consider this your official warning...drag racing is addicting! I took my stock 08 to the track a few years ago to make a few passes to try it out...and here I am a few years later with a completely purpose built drag bike. lol
I had mine as a street/strip setup for a while and it was a ton of fun. As OP said, a strap kit for the front and adjustable links for the back. This setup allowed me to get the bike pretty low to help wheelies at the track, but after about 15 min in the garage it is back to stock height ready for the street. Gearing does help, but the right gearing depends a lot on rider weight and abilities. I had mine at -1/+2 and it worked good for me. Would tend to stand up about mid track on a good pass but my motor also wasn't stock.
As for wear and tear, clutches are really the only thing you're going to wear out faster than on the street. But that depends a lot on your riding. If you guys are just out having fun to stretch the 10s legs a little, you won't notice much difference in clutch wear leaving like you normally would from a stop. If you're trying to get everything you can out of it and keep improving your ET every time out, then you will start going through clutches faster than normal. My first two years racing, I made about 100 passes each year and went through 2 clutch packs per season. That was leaving at 6k-8k RPM. If either of you do end up getting more serious about drag racing someday and find yourselves really pushing the bikes, do some searching around the forum because there are a few mods you can do to these that are real simple that are either good insurance (e.g. welding clutch basket rivets) or help a lot with the launch (e.g. clutch mod). But don't worry about any of that until you find yourself at the track on a regular basis and are really pushing the bikes hard off the start.
Most important thing is to be safe and have fun. That is awesome that you get to do it with your son. I ride with my Dad on the street (Harleys) but never on the track. He comes to watch me race, but I think it would be a lot more fun to race against him and put his @$$ on the trailer. lol Good Luck!