not a waste. it's fairly common. my 72 only has 5 gears; and 5th is pretty short anyway. so while it'll run all day long from a mechanical standpoint at 75+ etc, it's revving damn good. it's sweet spot is 55-65. which is fine with me since I don't have a fairing, and above 70 with even a hint of wind kicks the shit out of me. It really just depends on if you think sacrificing low end for the benefits up north is worth it Perfectly fine if you want top end etc. all in what you want etc.
in terms of getting a bigger bike sooner than later....just depends on wha kind of riding you want to do. usually 750's and less (my Vstar 650 only had 5) only have 5 speeds. Or, at least it's very common. some of the reason for this is the HP on the bike. since HP measured over time (RPM) etc. While your bike probably has more and enough torque to blast around on, a lot of bikes in that CC range lack the HP to push a 6th. So going down a tooth can help in this regard to a point.
Eventually I'll get a Street Glide or something of the like for long rides, but for now I just love being a hooligan
I think I'll always keep the sporty. ****er (1200 cc) is just too fun. grinding pegs, light, lots of torque. flicks around effortlessly
Congrats on the new scoot.
Pics........post 'em.