Morgan,
Beautiful bike. Looks like hand-painted "Seagull" and lots of delicate pinstriping. I'm not an expert on these (or any other bikes) either but I don't think it's a track frame. Many road frames back in those days had track-style dropouts. The drilling in the seatstay bridge and at the fork crown don't seem like a recent addition, at least in the photos. There's certainly plenty of meat in the fork crown to suggest that it was probably intended to have that brake mounting hole.
Here are pictures of an early 30s Cicognani that a fellow list member beat me to the punch on ebay not too long ago, you can search the archives for "Cicognani" for more text. Notice the headtube similarities to yours:
http://www.flickr.com/
...and an unknown bike I own, supposedly from early 30s as well, with similar dropouts:
http://s343.photobucket.com/
Both the Cicognani and my bike have coaster brakes, apparently they were original equipment, and no drillings for caliper brakes so perhaps on your bike there were options for coaster brakes or calipers?
Carlos Ovalle
Long Beach, California, USA
http://www.ovallearchitects.com