I don't know what size you need but I have a bunch of gear I need to sort thru and sell. I dropped a bunch of weight to make a run at the OMRL and MotoSeries events. I got rid of one of my suits already but I have more and lots of street gear too.Icon riding pants and jeans, jackets etc.
Gear resells easy on eBay and CL. Stay in gear that fits. When it doesn't, sell and buy new. If continued loss is your plan buy used until you hit your goal weight then reward yourself with new gear. The WERA board is a good place for used gear too. Many of the track guys sell their used gear there. If you have full unrestricted range of motion while standing straight, it's too loose.
I don't wave at other people just because they drive a dodge ram or Chevy Tahoe when I'm driving either of those so why would I wave just because you're on a bike when I am? That's just dumb.
Your gear should be snug. It's there to protect in a slide and can slide off or up if too loose. It's also there to keep your limbs close to core so you don't flail like a chicken when you are tumbling which breaks arms and legs, snug gear helps keep your arms and legs close to the body so you roll instead of flail.
????? 5'9" and you want to lower a 600 because you can't touch, what? I'm a fucking Midget and have a 1000, 600, and Supermoto. At factory height. You need to focus on skills and technic, nobody at 5'9" should have to lower a bike