For many years now, I've been running a diode fitted between the neutral switch and the sidestand relay, which allows the bike to run when in neutral with the sidestand down but cuts the ignition if a gear is selected with the stand still down.
This is on a yr2000 M750 with the non-flip-up stand. I have no personal experience of the flip-up type.
There are (or at least there were) kits available from Electraeon (and possibly others) which work on the same principle.
Also the diy version of the mod was detailed in practical sportsbikes a while back.
See this thread for details.
http://www.ukmonster.co.uk/monster/s...idestand+diode
Or search (sidestand diode) for earlier threads on the subject.
I dunno how this fits in with the flip-up system, but it may be of interest.