Been wanting to do this modification for awhile now after some success racing the TTX at Indianapolis with a mono-brake setup. Note the missing parts from the left side of the front wheel...
Saves about 5lbs of unsprung mass off the front wheel. I went with the Magura 195 Radial Master Cylinder for the brake and clutch. The brake cylinder is 13mm, the smallest Magura makes, in order to provide adequate pressure for the single caliper - i.e. half the piston area.
Here's a shot of Shelina racing with this setup at Indy...
I'll need some more time on it to see if I like the braking power and feel on the street. I'm pretty sure it will work great for track use (mostly Thunderhill for me) though and would be worthwhile for other racers out there to consider if you're mostly riding at fast, flowy tracks.