The information in the resulting Properties dialog box is duplicated in the Properties tab of the Track Editor dialog box. 

Information in a GUI should not be duplicated, and the naming of these two options in the right-click menu fails to adequately differentiate their purpose to an uninformed user. 

Should I want to change the meta data associated with a track, I may choose 'Properties' because meta data could be construed as track properties, and it is the first option that appears in the list. I will ultimately be frustrated in my choice, as the properties dialog does not allow me to edit the track properties.

When you get right down to it, the Properties tab doesn't belong in the Track Editor dialog anyway, because it's the only one that contains immutable values. If you can't edit it's contents, it shouldn't be in an edit dialog.