My Flyer still has the stock wheels and chainset which, not fantastic hubs in the wet apart, have been fine for winter. When I sell the Equilibrium I would like to use whatever of the proceeds I am allowed to keep on some upgrades. I would like some lighter summer wheels. Should I go for a 1/8 set up or stick with the 3/32 I have now which would make swapping back in the winter easier ? Which hubs, what bottom bracket, chainset etc ?
For hubs/wheels most designed for outdoor use (rather than velodrome) have sealed cartridge bearings. Avoid Shimano DA or Campag Record for outdoor use - they are track specific and don't even have dust covers. On my Bianchi Pista I have had the rear sealed bearings fail in 3 weeks due to water ingress, replacement stainless units last for years and are easy to change plus cheap. If budget is not an issue look at Phil Wood hubs. I assume hub OLN (over lock nut) dimension is track/fixed standard of 120mm for your bike, so avoid NJS (Japanese Keirin specific 110mm) or road single speed conversion (126mm, 130mm, 135mm) hubs. Front hub is same as road standard of 100mm OLN, so dynamo conversion is an option.
Cranks and BB can be upgraded, but square tape can be a nightmare with two standards of taper (JIS or ISO). Chainrings can be replaced easily with 3/22nd or 1/8th, just need to know or measure the Bolt Circle Diameter (BCD) for your cranks. Chainline for fixed is typically 42mm. Sugino cranks are beautifully made but expensive and OTT for outdoor winter use. Fixed BBs tend to be shorter than standard road double/triple variants. And of course there are the multiple standards of BB shells - I expect you have a BSA set up with 68mm shell width.
3/32nd transmission tends to wear the chains rollers away from the inside quicker than 1/8th. Replace chain with a single speed variant - a 3/32 derailleur designed chain stretches a lot quicker. Track cogs are easy to change with a chain whip but watch knuckles on the spokes and concrete - the cogs can be very tight (locking the chain whip in a vice is recommended). If running 1/8th cogs a 1/8th chain whip is required which are as common as rocking horse poo on the major retailers websites. Miche track cogs are worth considering - they fit onto a splined carrier which overcomes the need to unscrew the carrier each time the cog is changed.