I also just stripped the threads on my stock hub from my khs flight100. since day 0 (test ride) the lock ring was started coming loose. the shop i got it at didn't seem to be too knowledgeable re track bikes and i don't think they do anymore. So eventually i just bought a lock ring wrench. I have had to tighten it 3 or 4 times in the past 6 months.
i figured it was just a cheap part that was a bit flaky. The lock ring actually unthreaded and fell off while i was riding the freewheel at critical mass just a couple of weeks after getting it.
but now i think that the cog and lock ring wasn't on right in the first place and in the process of tightening the lock ring i striped it by tightening it too much.
so it looks like ill be in the market for a new wheel while i try not to kill myself riding the freewheel on the other side of the hub. after getting used to being to pedal back to slowdown/stop its not much fun heading towards an intersection and thinking your going to slow down and then keep going. but it is nice to be able to coast down the small hills we have.