I think the Intiminators have more potential. Emulators, like the stock damper rods, use a fixed-orifice system to meter the oil flow. The hole size and oil characteristics combine to create one perfect damping rate, surrounded by damping rates of decreasing accuracy. The Emulators have the spring-loaded "overflow" over the basic stock setup, which is tunable and somewhat a workaround for the limitations of fixed-orifice damping. Intiminators actually replace the fixed-orifice system with a shim stack, just like fancy new cartridge forks have. You have much more ability to adjust them via number and thickness of shims. I think their inertia valve "overflow" is aimed more at the street with its poor conditions. I know some tracks are rough, but I assume they don't have huge potholes and frost heaves like streets do. Worst case, the inertia valve should just go unused rather than causing any issues though.
However, I think there are more people familiar with tuning Emulators than Intiminators. If you're not able to get someone (that could be you yourself) who can adjust the Intiminators for best results, they probably won't be as good as finely tuned Emulators. Real world "pretty good" is better than theoretical "perfect"/real world "just ok". I'm happy with my Intiminators without any tweaking for my street riding, but I've never used Emulators to directly compare them.
If you want to spend a little more, you can get cartridge inserts for the forks (around $600 if I remember correctly). These completely replace the internals with a cartridge system to act just like good, modern forks. Both Emulators and Intiminators only affect the compression side with their advanced setups - rebound is still a simple fixed-orifice. Depending on how serious you are vs. how much you're willing to spend vs. what's allowed in whatever class you're racing, these might be a better option.
As for the rear, the stock spring is quite soft (only about 2/3 the rate of the spring used on the PreGen 250 even). A NewGen 250/300 rear shock is a cheap (~$25) drop-in that has a much better spring rate for your weight. It's the same lowest-bidder, budget bike, non-adjustable shock, but at least the spring matches your weight. If you're saving up or waiting for a used Penske to pop up, this could be a stopgap for minimal cost. https://www.ex-500.com/wiki/index.php...ear_Suspension
Maybe it's just because I was used to the crappy stocker, but I actually preferred the feel of my NewGen shock over the unadjusted Penske when I first installed it. Obviously, getting the Penske adjusted properly took care of that, but the NewGen shock was a huge upgrade over stock for a fraction of the price.