Join Date: Sep 2005
Location: Montpeculiar, VT
Bikes: Soma Rush, Fuji Cross, Raleigh Technium Mtn Bike, Ross 10 speed with Shimano 600.
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I'm not speaking from a position of experience here, because I don't have a track to race at, and I'm pretty new to fixed gear cycling anyway.
The advice you've gotten so far about taking the beginner classes before buying anything sounds good. If your bike can be safely ridden on the track I'd ride it for the beginner classes. That way you can get a feel for it on a bike you're familiar with, and that may well give you a better idea where (or if) your current setup is lacking.
Considering that you already have nice wheels, and decent components on your bike, and that you would want to use it on the street as well as the track. I would say upgrade the frame, and cranks, then continue to upgrade piece by piece over time if you wish. Some frames I would be thinking about if I were in your situation: Soma Rush (i Have one, and can recomend it as a streeter anyway) Bare Knuckle, or an older Cannondale track frame. Actually the Cannondale would probably be n the top of my list, although it is the only Aluminum bike in my short list, and thin wall aluminum tubes are more vulnerable to denting, and less likely to remain sound when they have been dented with, so you have to treat an Al frame nice if you want it to last.
Anyway, that's my short list FWIW. There are tons of great frames that may be more suitable to your needs, but those are the frames I would be looking at if I had a dented up old track frame and wanted to replace it and ride it 80/20 street/track. As it is If I were going to go to the track I'd probably just yank the brake from my Soma, because the time I'd get to spend on the track would still be relatively minimal compared to the time I get to ride it on the road, and it suits my needs rather well for the road. I'd have to get pretty competitive at the track before I felt 2 pounds less bike, or tighter geometry was gonna help me win races.