Time to get serious!
If you stack the formers they will look like a little tank.
The blue-crossed area will be covered by some clear tape.
After the measurements the graphics were adapted. My paper is about 0.2mm thick. This is important to make everthing align properly. However, I have made sure that you will get a nice result even if the paper thickness deviates from mine a bit. The crucial area is the spot where the inner and outer belt meet. The inner beef up belts have grey areas which will prevent any white paper showing if the outer / inner belts are a bit too short and do not meet perfectly. So any gap will reveal a dark grey area of about 1mm which is totally acceptable for me. In addition, the spot where they meet sits right below the chassis so if you do not tape-measure the distance between the blades you should not notice anything. Moreover, you can always cut the inner belts shorter once you remove them from the formers and bring the outer belts closer together to achieve a perfect fit, so in essence there should be no problems. This will also give you some wiggle room if the wheel placement requires that (you don't want to put on too tight belts because that would bend the axles

).
The most important thing is to remember which end you start with. Both the inner and the outer belts feature blade markings which in a perfect world should match. So if you start with the end carrying the blade markings on belt 1 you will need to start with the same end of belt 4.
Pre-shape all belts a bit. It does not have to be exact but you should make them memorize a curvature.
You start with belt 1. Turn it upside down and tape the end you start with to the former. The tape on the former will ensure that the tape on the belt will be detached easily again. That way you will not damage anything and you can re-use the former multiple times. The other end of belt 1 is taped to the former, too.
Then comes the first "thickening layer", belt #2. This one is supposed to be aligned with the blue line on the former. That will ensure that you and up with a little tongue which will act as a flap to finally close everything once it is wrapped around the wheels. Belt 2 is again turned upside down after aligning so that the grey area faces the bottom / belt 1.
If you ask me why I chose red and blue markings? To make them easier to see. The first idea was to use green and red, but considering that there are people who cannot see those colours I switched the green to blue to give at least one definitve coloured anchor to turn to.
Now then. Belt #2 is glued all the way round to belt #1. The overlapping end of belt 2 stays loose. If you glue it down, too, you will end up with closed loops and that is not what we want.
Belt 3 is glued all the way round to belt 2.
Belt 4 is the outer belt of the track. It again is aligned on the red line and glued to belt 3.
Please keep in mind that belts 1 and 4 are not connected to the inner belts between the red and blue line on the former.
On the final model you would work on both track halves at the same time and add the blades on the former, but since this is just a concept test I'm focusing on the gist for now.
Wait till the glue has fully cured.
Now carefully remove the tape on belt 1.
You see a snake mouth on the left and a tongue on the right.
Pull off the track.
(Now you would add the track guides.

)
Push it over the wheels (not shown for
laziness complexity reasons).
The snake bites in her own tail!
Glue everything together. Adapt the length if necessary.
Track complete. Thanks to the alignment marks the blade markings of the inner and outer belts should match. Paint the edges and you are ready to go.
