Running different hubs?
 

Would their be any advantage to using a higher end hub in the rear (Phils or Suzue ProMax CF) and formulas up front? Or maybe the other way around?

Of course, I'd get Phils for both, but I don't have enough cash right now. I'd like to make the wheelset at least half blingin.

i would use a nicer hub in back than in front

Get formulas with phil bearings.

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advantage: you have a nicer hub and less friction is less friction no matter where it is.

disadvantage: you still have the friction from the icky hub.
disadvantage: you have paid a crap ton for a rear phil and it's on a bike that is overcoming the front hub.

honestly if you want amazing sealed bearing hubs and you can't afford phils both front and rear, dia compe gran comp hubs are just as good as phils. they're smooth, incredibly durable and manufactured by a respected company. those and Dura Ace 7600s are pretty much the only things i've seen ridden in Japan. They're a good deal cheaper than phils for the set, and if cosmetics are an issue for you i think they look better than phils. formulas with phil bearings and grease (maybe cones if you are going all out) which have been mentioned in this thread are also a good alternative to consider.

OOI:
i have a set of formulas on my b*****d from an 08 madison which saw only 10kms before being dismantled.
any info on the quality because i've never ridden form before this

if anything i would replace the one in the front first. This is just a "roller" if you will, and the rear hub is still limited by your bottom bracket and has the weight of your crank arms, pedals, and legs. You affect it much more and there are more outside variables. For this reason i would get a better quality one up front first. then later the rear

just upgrade your left pedal to a Look kéO HM ti. it's non drive side so it's "less affeced" and less weight, resulting in you flyin' all the way to starbucks!

but then there will be no way he can rock his mismatched adidas samba's in his totally vintage MKS sylvans!

Front track hubs are bricks. Use a road hub in front.