I've got this setup. You can also use a 2000 GSXR 600 shock. ONLY the 600 from 2K. (IOW: All SRAD 600s and 750s shocks work)
It works fairly well. WAY better than stock, but you should get it revalved and resprung. If you do this, be sure it's someone that understands the shock is going on an SV. (Diff linkage ratios than GSXR) Ed from Trackside Engineering can do it for you for a decent price. A Penske or Ohlins would still be better, but you can't beat this shock for the price, even after the work.
Make sure you shim the battery box well, otherwise the battery WILL hit the shock, and some have rubbed holes in teh battery this way. I probably shimmed it about 1/2" and I put a piece of cardboard between the battery and shock.