"but after speeking with a few friends who ride track bikes, they pretty much told me not to, if your gonna ride a fix it may as well be a track frame"
so fixed road bikes have been around as long as track bikes (actually, longer); track bikes are more about cred than function, IMO.
"Am I better off just spending the extra $150-$200 on a new mark v or pista, rather then spending the $300 on a bike with poor components? "
I'm of the 'buy the best you can afford mentality. But I'm also of the 'dont buy things you dont NEED mentality. If you can afford to invest in superior compenents; do it. Then again, you should weigh whether you really need.
"Speaking of which converting bikes isn't necessarily any cheaper depending on where you draw the line on how much you're going to change and/or fix.
No doubt there; I was really refering to all things being equal.
All I was saying was, If you already have a road bike, you can convert anywhere from $15 (cog on freewheel) to $200 (for a nice rear hub/wheel). Cheaper than a cheap track bike.
Of course, if you dont already have a road bike, add $25 to above cost for the yardsale/goodwill starter kit.