Would not work. Vehicle collision is so crappy in Torque that you'd end up getting stuck constantly.
Tell me about it. When I made my H1-Heedical tank and any other vehicle, it would get stuck in the side of a building if I hit it by accident.
Edit: Wouldn't my orriginal method work? Where only the wheels touch like how people make normal tracks for the box car train so it is possible to fall off the track but it won't get stuck in its own collision?