Buy a Campagnolo Proton front road wheel for $80ish. Then lace a Dimension hub (they have hollow axles) or a low-flange Miche to an Open Pro or a Niobium 270 using DT Revloution spokes and aluminum nipples.

I believe the lightest easily available track hubs are American Classic.

I run a Proton up front and an American Classic 420 track wheel in the back--a sub 1550g wheelset.

If I really wanted to lighten up for cheap, I'd get a Neuvation front wheel or something.

Also, Ellipses are not that light. Look into the AC 420 track wheels if you want a light factory track wheelset.