well, if you just want the mercier/KHS frame, you could just pick it up from spicer.
http://www.spicercycles.com/index.cg...cat_desc=Track

I'm basically doing the same thing as you. Taking a KHS and upgrading it for the velodrome this fall. with new wheels you're pretty much set. the ones it comes with a pretty much crap. other components that are crap are the stem and headset. oh, and the seatpost and saddle too. but on a $300 bike, what do you expect?

the BB on mine is a FSA, I lucked out and got the Sugino 75 cranks.