Bike and gear rules:
.:RideSmart Motorcycle School Requirements:.
As for determining what level, I'm going to "over answer" your question for the benefit of others who might be wondering...
The first two levels are really about improving your riding skills (whlie having a BLAST), whereas the upper two levels are really refining riders who are already quite fast.
If you've never done a track day, definitely go for level 1. They'll often have first timers wear a special shirt (over the gear) for the first session so that they can pay special attention and give pointers if necessary.
Even if you have track experience, but new to the course, I'd recommend starting out at level 1.
The instructors ride during the sessions so if you are over-qualified for the level, they'll promote you up as long as there is room in the next level. You could even mention this to the instructor so that they are aware and can consider that.
Bottom line: they'll do what is right for your safety and of those around you.
Intermediate level is for track experienced riders, therefore is faster. These riders are able to stick to a line for the most part instead of making numerous mid-turn corrections, have good throttle control, etc. Again, if you are over qualified for the level, they'll promote you assuming the next level is not full. Around a holiday like this, I do not expect it to be fully booked, so should have plenty of room for promotions where necessary!
Advanced (and Ty Howard school) is for the guys that are really experienced and fast. (I'm not there yet so I won't speak to much about that! Someday...)