As a newcomer to both the sport, the track, and this forum, I will add my 2c.
Firstly, I am grateful to have a velodrome on my back doorstep. We are even more fortunate to have people who will donate their time to show us the basics and the finer points of track cycling. With relatively small numbers and a reasonably wide distribution of ability, it is always going to be difficult to cater to the needs of all. I think the two nights a week, whilst still in its infancy, will develop to give all of us a chance to better ourselves over a variety of disciplines.
I appreciate that it is hard both physically and mentally to train when you're at the back of the bunch, however your measure of success will be when you pit yourself against those in your age group - I would expect that hard training over Winter would pay dividends later. I'll be heading out there knowing that it's likely that I will not make the full distance either, but therein lies the challenge to better myself - We do not rise to the level of our expectations, we fall to the level of our training.
What are you specifically looking to gain from the sessions? Are you at a point where you think you're at your physiological peak? Are you looking to develop some specific skills? Do you keep a training diary? Do you have goals for the year?
It may help to be more proactive at the sessions, and not let them be steered by the younger boys who just want to have a measuring contest.
As for equipment, I feel that at our level it makes little difference (despite what the marketing guru's will have us believe). I'm not sure that rolling around Broadmeadow on a Look 496 with some Mavic crábon wheels and a SRM crank would make me any faster. Ride what you're comfortable with. Gearing is more important, and if you feel that you're not set-up correctly, then ask Craig, or someone else who knows their stuff, for some advice.
Hopefully word will spread about the quality of riding at the track, and this will encourage riders of all abilities to join. Have you put out the word amongst the people you road race against?
Finally, I commend your determination to show up at training - that's 90% of the battle. Hopefully the example you set will encourage more female riders onto the track.