My understanding of track cogs is that since the lock ring tightens when pedaling backwards on a track bike that the cog cant be removed before until the lock ring. If you tried it would start to loosen the cog then just tighten the lock ring after that. Assuming the play is so small as to be completely insignificant, and that the threads don't get stripped out it should work well enough and make the rag joint, and clamshell adapters obsolete.
The only reason I would be tempted to try this is that a decent single speed bike can be had for not too much money brand new and even less used. I mean decent: sealed bearings in the wheels, a 3 piece crank, double walled aluminum rims and a threadless head set.