My conversion was outlandishly expensive, but that's because:

* I separately bought the frame on eBay: $100.
* I separately had the frame powedercoated: $75.
* I separately bought hubs (front and rear, including lockring and cog): $75.
* I separately bought rims (front and rear): $75.
* I separately had the wheels assembled (including spokes): $50.
* I separately bought handlebars: $25.
* I separately bought a long-reach caliper, cable, and lever for the front: $50.
* I separately bought the required accessories and minor parts: $25.
* I separately bought pedals and clips/straps: $50.

That brought the total of "stuff I bought new" up to $525. Luckily I already had all the rest of the parts (chain, cranks, chainring, headset, bottom bracket, saddle/seatpost, tires/tubes/etc) and knew how to assemble them into a complete bicycle.

I don't recommend this path to anyone, unless you have an overwhelming desire to tinker with bicycles (like I do) and a grip of money to burn on the project (like I did). Especially not with entry-level "track" bikes so inexpensive.

Since then I sold the conversion for FAR less than I put into it and purchased a Kilo TT.

(Oh, the numbers above are from memory, so there might be some fluctuation in the actuals.)

EDIT: Added photo of the conversion in question.