No insurance, operator's licence, registration, headlight, signals, horn, mirror, etc. ... you're looking at about $4000 in fines or so and your bike being impounded.
If you have a class 5 licence you may operate a registered and insured motorcycle under the supervision of an operator that holds a class 6 licence that is not under probation or a GDL.
As far as not taking the course, do you have any previous experience in operating a motorcycle? I'd recommend that if you've never ridden anything other than a mountain bike, you take the course. The slow speed control is very basic, but it's also important. Any moron can get a bike up to 100 kph, hop off and have the bike go in a straight line. Not many morons think they can go 1 kph in a straight line. What am I saying ... slow speed control will teach you true control of your bike.