Ok...so to clarify my question a bit...

If I swapped out the wheels for my new wheels (32 High Flange IRO's laced to Araya double walled rims) and swapped the bottom bracket out for my phil wood and changed my seat over would it be a good bike for racing? I intend to ride it very hard though not as abusively as my work bike. It will be an occasional commuter and only be used for work downtown in a pinch.

Do you think that for the price it would be a deal? I don't put any stock in the components being worth anything, but I do like the look of the KHS frame and I don't particularly like the IRO frames. If I can get a good track frame for $350 I am more then willing to drop another $150 or so on components...especially since I have the wheels and a new BB.

Sound good?