I just swapped a 58 for a 54 and it seems to be working better for me. 5'10 doesn't tell me enough about what you need as far as bike sizing. In seams is important in getting halfway there. Top tube length matters more I find. I'm a goofy size with a repaired back so I've been all over the map with sizing. I tried being %100 biased towards top tube length and let the seat post make my frame size for me and it didn't work out. You have to find the balance for your genetics and feel. The above link will give you a really finely tuned idea of where to start .
Using sage03000's maths I would ride a 53cm. I just spent two comfortable years on a 58 and switched to a 54 to find a better power delivery and improve my aero. Nice by-product is when I post pics people don't ask why my seat is so low.
Not really, on a track frame. The higher BB screws everything up, since the top tube generally runs short relative to seat tube/standover. This completely disregards the fact that many of the fly-by-night "me too" frame labels seem to have no clue about sizing.