doesn't the frame come with a bb? just checked, it does come with one, a sugino, and since it's raygunner ish, it'll prolly be a good one.

you can run 3/32" or 1/8" on track bikes, doesn't make any functional difference (some folks say they worry about 3/32" chains breaking, but it's not a big issue).

main thing is, since the frame is small, you're gonna want to run 165's to minimize pedal strike and toeverlap.