Too bad BeginnerBikes.com is gone... it was a great source of info for beginner and not-so-beginner riders.
Yes, the SV650 is probably going to be too much bike to handle. The debate over this model was a HUGE discussion on the above forum... it's only a 650cc, but the gearing and HP can be way too much for someone (MANY beginners) that just can't handle it. On the other hand, the Ninja 500 is thought of as being a great beginners bike. I'm not a huge sport bike fan, but no one ever had anything bad to say about the Ninja 500.
It's good that you're going to take the MSF. I don't think there is a person out there that couldn't get at least something positive out of it... even MANY seasoned riders (there were many in the course that I took). I'm not sure if they do it exactly the same in every course, but they initially told us to pick a bike... one that came close enough to fitting us as possible. Now, you don't know, being a beginner, what is going to fit and won't won't... so just pick something you can sit on somewhat comfortably. I say this because I was stuck with my bike through the whole (3 day) course. Not bad, because the cruiser (Suzuki GZ250) fit ok. It was pretty small, but not too bad. I don't know if you'll be able to brag different bikes through the course, but you do get to check them out before the course starts... so see if you can sit on them and get a feel for what feels better between your legs!
Good luck! I wouldn't buy anything until after the course. At least then you can possibly test ride some bikes... my first bike was a KTM Duke II, which is a 640cc, but is also known as a hooligan machine. I now ride a Suzuki Boulevard C50 (800cc). Best in its class, and has more power than many larger machines, but is not a bad second bike choice.
Oh... and about the fuel gauge. Most aren't very accurate, so not having one doesn't matter much. You can determine (thorugh research) how much on average riders get for that particular bike, and just watch your mileage. Initially, the Volusia (name of the same model before the C50) had a gas gauge... now, my bike just has a low level light.
Have fun!
*EDIT... I just forgot to state that riding a motorcycle may possible be more fun than having sex. It's possible... I'd have to do many more tests before coming to a final conclusion, but it is possible!*
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