Motorcycle inspections are defined starting on page 23 of this document. They can probably fail you on the LED blinkers (they probably don't have SAE stamped on them) and other things, but I don't see anything about original fairings in the procedure.
Here's the complete section on Body Components. The bold text is the key section.
(12) Body Components.(a) Fenders. Front and rear fenders shall be mounted over both wheels to adequately protect
rider from road debris and water. All fenders shall cover the width of the tire and a minimum of
1/4 of a wheel circumference. Reject the motorcycle if fenders come in contact with tires or if
fenders have sharp edges.
(b) Exterior Sheet Metal, Moldings and Body Panels. Reject motorcycle if there are sharp edges or
abnormal protrusions extending beyond normal vehicle extremities so as to constitute a danger to
pedestrians, rider, passenger or other vehicular traffic. Safety bars or highway bars without sharp
protrusions and which do not extend beyond the widest portion of the motorcycle and which are
not further than 15 inches from the foot controls are permitted.
(c) Seats. Each rider shall have a firmly secured seating area. Reject motorcycle if:
1. Seats are not properly secured or have springs or parts protruding which constitute a
hazard.
2. Foot rests for each designated seating position are not provided.
(d) Chain Driven Motorcycle. Rotate chain to locate tightest position. Inspect chain under
simulated road condition and reject if:
1. Not Adjusted to Manufacturers Specifications. If specifications are unavailable the
following shall apply:
Rigid frame models: minimum 1/2 inch to maximum one inch total up and down
movement measured on the lower section of the chain midway between the sprockets.
Swing arm models: minimum 1/2 inch to maximum two inches total up and down
movement measured on the lower section of the chain midway between the sprockets.
2. The chain guard or other covering device is missing, broken, cracked or is not the original
equipment or equivalent replacement.
3. Chain or sprockets are excessively worn.
(e) Side or Center Stand. Inspect and reject if:
1. The side or center stand will not remain in the stored position.
2. The side or center stand is cracked, broken or apparent structural weakness is present
which would not allow the stand to support the motorcycle.