Sprocket and chain sizing question

Looking to replace my chain and sprockets on my 2004 R6. I've had the bike for a year and have noticed most recently that the chain's rubber seals have been fraying off. No idea when it was last replaced but I'm thinking it's a good time.
I'm completely new to this job and looking for a couple pointers: the teeth on the sprockets are 16 in the front and 49 on the rear with a 520 DID chain. Is it a good idea to keep this gearing? What kind of implications does this gear have over others? Any recommendations on the sizing and brands to look for?

You will need a chain breaker and riveter to do the job on a riveted DID chain. Also a grinder, dremel tool to grind off the rivet heads on the link you want to break.

The front sprocket nut is a bugger to get off, so the proper size socket is a good start, a long Johnson bar or a pipe for leverage helps to break it if you don't have an impact gun. I broke mine by sitting in the saddle and applying the rear brake while using a socket on an 18" Johnson bar, but it was tough. The impact gun is a dream by comparison.

Breaking the chain is easy, so you can purchase a longer chain, match up the links and cut away.

Riveting it together is harder only because you won't know how much pressure to apply, and may end up with a temporary kink in your chain until it works itself out.

And do change the sprockets at the same time so the chain and new sprockets wear together as a unit.

I'd use blue loctite on any fasteners for the sprockets, and be prepared to use factory torque specs when reassembling.

If you opt for a clip link master rivet, then just cut the old chain off and have fun. Consider safety wiring on the clip.

As for the stock gear ratios, sorry, can't help you there.

Oh, wear gloves as it can be a very messy job.

Appreciate the response and helpful tips.
Anyone able to provide some guidance on the gearing?

Check this site out:

http://www.gearingcommander.com/