I agree with Karen that UTM is generally the way to go for the data format, but remember that if you are covering a large area (or just unlucky) you may cross the boundary between two zones. If that is the case lat/long works just as well.

This will open a window where different graph parameters may be set.

Select the 'Scatter' type and 'Connect Data Points' (Obviously if your are plotting waypoints rather than a track you would use 'Mark Data Points' instead).
Next select 'Value Axis' from the 'Graph Options' button.

Here you will need to select 'Override Calculated Values' and enter minimum and maximum values which will be appropriate for your data. This is when you need to start thinking of whether you want your graph to be square (meters north the same size as meters east). Also select the number of divisions, this will control the number of tick marks and labels.

Same thing for the 'Bottom Axis'.

Finally you can select the graph tool from the tool palette. Single click on the page and select the size you want the graph to be. Remember that it should be related to the data range specified above if the scale is to be uniform.

A new window opens for the graph data. The first button is to import data.

After the data has been imported select the columns which contain the latitude and longitude and copy them (be sure to get it all).

'Select All', 'Clear', and 'Paste' to get the data in the first two columns.

Close the window, saving the changes to the data, and you have an Illustrator graph.

With a bit of tweaking you can make it more presentable,

or even overlay it onto a DRG

or a DOQQ.

