Yup, set up properly the Bandit's a very good sport tourer, albeit at the "sport" end of the sport-touring spectrum, whereas the ST is at the "touring" end. I just bought a bandit 1250, my factory color-matched bags are on order, and with a larger shield (quite a few are available) it will fit right in. Like the ST, it may need bar risers, and an improved seat (mine has a Spencer modded saddle on it), and a windshield change, but we're all used to that around here.
No, it doesn't offer the weather protection, or as much luggage capacity as the ST, and even with a better seat and risers it probably will never be as comfortable. OTOH, it's 150+ lbs lighter, more hp throughout the rev range and a torque curve as high as Colorado and as flat as Kansas. And it will leave an ST in the dust when the "sport" side of sport-touring comes into play. And without the all enveloping bodywork heat simply isn't an issue.
Oh, and ridden properly the front tires last almost forever....
