I imagine this is a common question, but I couldnt find the answer in a search.
I understand the physics and effects of lighter or more areodynamic wheels, but I cant decide which comes out ahead overall. I just picked up a nice and apparently very light aluminum track frame, so I will need to buy wheels for it, eventually.

It's worth noting that I can't swing the cost of the very expensive light & areo wheels (carbon rim, etc) but I could probably manage something like a $400 wheelset, which ought to leave plenty of options.

Also, I've considered using a front road hub instead of track hub- it seems that they are significantly lighter- any functional disadvantages?

What sort of riding will you be doing? Long distance rides on flat roads, climbing mountains, cruising across campus to the nearest liquor store?

For riding around town, get strong wheels and don't pay any attention to what they weigh. Weightweenie-itis is an insidious disease that somehow got loose from the Roadie forum like swine flu.

Deep rims are more aerodynamic but only if you're hauling ass and then only over long distances. And the effect is really only appreciated on rims at 40mm or deeper. They make very sturdy wheels, though, which is why so many ride Velocity Deep-V's.

Light wheels spin up faster so better for quick accelerations. Also better for climbing.

I'd get some Velocity Fusion rims in 32/36 hole and 2x the front and 3x the back. Formula hubs are fine; take care of them and they'll last a long time. Sapim Laser spokes or DT Swiss and you're good to go for a lot less than $400. No disadvantage to using a road hub up front at all.

Use the extra cash for beer.

This will be a bike for fast paced road rides, avg speed ~20 mph probably.
I already have a pair of deepVs on my trek 400 conversion, and I like them, but they're a bit heavy. That bike will do the general around-town duty.
A billato-made aluminum track frame seems like it deserves something a bit lighter, unless people think that the areo will really help more.

I'd lean to something lighter, as it seems you are. As mentioned Velocity 'Fusion' or 'Aero' (The Fusion is between the 'Aero' & the 'V'.) Or Mavic 'Open Pros', DT Swiss '1.1' (a bit exxy), these two will come up a lot. There's also Ambrosia, not as well distributed but spoken highly of, & cheaper than the previous two, as are the Velocity's.

The best deal for wheels right now is this (DT Swiss RR1.2 / Formula)...

https://www.bicyclewheelwarehouse.com...&productId=195

If you want, you can get them to build with Sapim CX-Ray spokes and stay within your $400 budget, and they may be able to build it with a road front hub (but you'll have to give them a call to check).

I have a set of cheaper BWW wheels (Mavic CXP22 / Formula) that have proven to be bombproof. I would not hesitate to purchase from them again.

Go custom. Lots of excellent suggestions in this recent thread.

https://www.bikeforums.net/singlespeed-fixed-gear/539905-homebuilt-affordable-lightish-wheelset.html

You can easily build a light (1500gm-1600gm) and reasonably aero wheelset that is within your budget.

why choose? go kinlin.

Kinlin looks like a nice mix. I'll compare weights etc later & come to a conclusion.
Happen to have a site that will build kinlins custom for you?

check prowheelbuilder.com or wheelbuilder.com.

Yeah, it is definitely a personal decision.

I went with durable because I use my ss/fg for city riding, commuting, and curb/bar(drinky) hopping/falling. I built up WTB Dual Duty XC's to Formula High-Flange hubs. They are pretty bomber.

On my road bike I have CXP-23's laced to Ultegra Hubs and I rarely have to true them, but they are significantly lighter than my WTB's.