Welcome

Thanks for yr reply : You've got the same frame... Funny since I got mine i've seen a few about the place. Is your also yellow?

i just got off the phone with the guy at Planet X: He said that i'd have no problem using either the R-500 or Planet X b or C type wheels (all have the same shimano 8,9,10 speed compatible hub) with a single speed conversion kit. What I didn't ask him was what if i want to ride Fixed? Could I simply put o lock ring on and be ok or is that the so called suicide hub?

He also said that he thought teh falcon has 130mm spacing. Do you know if this is true? Track bikes are 120 - or so he said

D
Mine is yellow and white, though I've seen a couple of the yellow ones about too. Yeah the rear spacing is 130 but it's steel so you there is enough flex in the rear triangle to pull each side in 5mm without doing any harm.
If you use a normal hub and use the SS conversion kit then you can't go fixed without welding the hub (suicide hub).
I have the Planet X track wheels (they are about £100 for the pair, 120mm rear spacing) that have a fixed/fixed rear hub. So you could get a screw on freewheel (will need a freewheel removal tool to get it off again), that would give you the option of using the other side for a fixed sprocket if you decided to give it a go.
The wheels have been pretty good, over a year use and rode them all through the winter in all weather for commuting (35 mile round trip) and they held up well and are still true. I did have one broken spoke just as the weather started to improve, but apart from that they have been great.

Hope this helps!