i've been using a suicide wheel, (normal freewheel hub, track cog and an english BB lockring) on my street ride for a while now, lots of loctite, and i cranked down the cog before the lockring was installed, haven't had any problems and i ride pretty aggressively, lots of skids and skipping. its been solid, but i know i'm asking for trouble, and it'll fail one of these days, hopefully not before i build up a new track wheel for it.
i have tried the italian trick, and it works fine, on the track where you shouldn't have to stop fast on the street however, if
you actually have to panic stop with it, it'll thread itself right off.
if you must use it, you can, but be careful with the backpedaling.
preferably install a front brake for most of the stopping.