Depends on what you're racing and how much non-race training you're going to do on it.
If you're going to spend a lot of winter time on it on the tops, you'll want tape all the way up, pretty much like a road bike. Same if you're riding madisons where you'll spend half the race on the tops.
If you're going to be on the drops all the time, grips, or tape just in the hooks is fine. I've never used grips on the track, but I'm often tempted. A friend of mine just got me some pads that go under the tape for changing the contours of the bars-- I'm going to try them out in the next week or so.