What the op is speaking of is the wrong terminology. In a sense what he meant to say is would setting my bike up to gain performance on the street affect the over all ride negatively ?
Like others have said it totally depends on what your doing. You're not setting youre bike up for the track because you're not going to the track. Every track requires different setting, preference, pace oriented, tire oriented, power etc. There are so many variables to say "track" setup is to vague. But when said most would assume generally stiffer adjustments. Whoever you take your bike to can only properly set your sag which will only improve your bikes handling positively in all circumstances; Be it performance or cruising. All the other rebound/compression/ride height/spring rate are pretty preference based and dependent on you're bikes setup you're riding style, and track/road conditions.
As for wet weather riding, as long as you have good tires its all on you. If you cant feel what the tires are telling you, then you shouldn't be out in weather anyways. No matter how stiff something is you can feel it and adapt accordingly when you're an experienced rider. Now that doesn't mean one should just hop on their track bike in a rain storm that's setup for warm weather smooth track conditions because their capable of it. There is no certain setup or numbers that universally work for everyone, you have to find what works for you. Watch some Dave moss videos on youtube, you can learn a lot. Small adjustments make huge differences, don't be shy to experiment. Have fun, learn, enjoy.