If you want to do wheelies I would leave the TC off. I was told by the salesman that sold me my SFS that has a track only 1098 that he uses setting 4 on the track and this allows him to spin the rear wheel enough to allow some rear wheel steering and sliding.
2011 Ducati Streetfighter S
2004 Triumph Speed Triple SE
1999 Suzuki Hayabusa
2006 Buell XB12SCG Lightning- Ex-wife's motorcycle lost 2/1/2012
1989 Honda Hawk GT- Ex-wife's motorcycle lost 2/1/2012
1996 Suzuki GSXR-1100-Sold
2001 Suzuki TL1000R-Sold