I'm looking for a cheap track bike for training and, maybe, some racing next year if I'm quick enough to not get laughed at. So far I'm looking at extreme budget options, mainly because I don't want to Fred myself before I've started, and also because my wife will spontaneously combust once she finds out we have NOT ANOTHER BIKE in the family.

My current options are a brand new Mercier TT frame only for about $200 from Bikeisland, and on Craigslist a local guy selling an old Felt TK2 track bike with everything bar crank and wheels for $350 (before negotiations). With spare stuff at home I could build the Mercier into a ride-ready bike for about that money.

The question is which would make the better option. Note that this is just for the track. With all the hills around me I have no interest in fixieing myself to Starbucks on Saturdays.