it's actually a lot safer to get the front wheel up BEFORE you hit the power band. Horsepower is your enemy, Torque is your friend. When you hit the powerband, that's when HP kicks in. Depending on how big you are, you probably don't need to open the throttle all the way. The SV is a fairly torquey bike.
Also, you say that you "watched the bike wheelie on it's tail for a sec then come crashing down on it's side." That means you fell off, the bike didn't loop out. Body position is something I can't harp on students about enough. It will save your bike, and your butt.
Cover the rear brake next time you try doing a wheelie. Oh, and make sure someone else is with you.