I had a 2004 GS500F as my first bike. It was a great bike...fairly light, quite forgiving, and pretty decent-looking, if that matters. I actually was looking around for a used GS500 with no fairing, but had trouble finding one, and then got the GSF on a dealer clearout for $4999 Cdn. Interestingly, any used GSF's I've seen have had asking prices at or above what I paid for mine new!
Good luck in your search...and enjoy the MSF course!