I don't exactly remember this newton guy you're talking about. What does he have to do with bikes?

Listen man, I'm a physicist, and I'll tell you, they put that extra material there to absorb the stresses of a fixed gear. A track BB shell is not designed to take those loads, and thus you HAVE TO USE TRACK CRANKS ON A TRACK FRAME.

Now, as for the wheelset, you can get away with formula hubs, but really, track bikes are designed to use tubular tires. See, tubular tires have lower rolling resistance, and track bikes are designed to use them, so the added forces of a tire with a very HIGH rolling resistance (remember, resistance = load = forces), such as a clincher tire designed for the road, will put undue stresses on your fork and rear stays.

Listen man, you can build it however you want, but if you don't want to face plant in the middle of the street because YOU put components the bike was NOT DESIGNED TO USE, that's your decision.