Yeah, if it doesn't spin freely, obviously that's way too tight.
It only needs to be tight enough to not derail. That means a bit of slack. Push on the chain with your finger, near the chainring, up and over the chainring. If you can come close to pushing the chain off of the ring, then it's too lose. If you can't do that, then even if your chain has some slack, then you're good. Agree with about an inch in total vertical movement at the middle of the chain.
track rings: FSA rings are a decent value. There are also usually tons of Dura-Ace and Sugino 75 rings for sale on ebay from Japan. Cost is usually low, shipping usually high. In general I've noticed that rings from the real brands (Shimano, Campy, Sugino, even FSA and Omnium rings) are durable, round, and as much chainring as you need. Cheaper ones can be hit-or-miss in terms of quality.
For cogs: I use Dura-Ace cogs. They're like twenty bucks each. I also use the Miche splined cog system on my race wheels because it's nice having one less step to do when I'm changing gears between races.
Last edited by queerpunk; 08-11-13 at 01:05 PM.