Sail track on toerail?

It surely depends on the construction detail. On many boats the toerail is timber and set on the edge of the deck, which would make through-bolting difficult or impossible.
 
As a rule of thumb the closer the sheet tracks are to the centreline the better the pointing ability, racing boats are an example.

+1 to KellysEye!
I would keep the track inboard if possible, and use a barberhauler on the toerail for bearing out downwind. Possibly look at using your strong points for the spinaker brace/guy if you have them?
 
Presumably the OP is asking about the track on the side deck for making the jib sheet point adjustable. It is vital that the sheeting point be adjustable for roller reefing jib. However if OP has a small simple boat with one or 2 jibs then adjustment might not be worth the cost. Just mount a saddle on the deck with a pulley attached.
I would not advocate the track for adjustable be on the toe rail. As said this will not produce tight enough jib slot for good pointing. On typical boats near the side of the cabin is the best position. Out on the gunwhale is good for reaching.
On the big ocean maxi racers I have seen they have a track for a pulley which runs sideways from the gunwhale inward. This pulley takes an adjustable line up to a pulley or ring through which the jib sheet passes. The height of this pulley is equivalent to fore and aft adjustment of the jib sheeting point. The point can then be adjusted to towards the centre line or gunwhale depending on the point of sail and strength of wind.
If I did not have a track already fitted for jib sheeting I would fit a saddle for pulley well aft and near cabin top. ie in form gunwhale. I would then fit a tweaker a rope which can be attached to the jib clew to pull it down from a point forward of main jib sheeting point.
By adjusting this tweaker you adjust the equivalent of fore and aft along thee track at much less cost.(and eqasily done from cockpit.
If this is a genuine query then OP should go sailing to see where he needs the sheeting point to be then fit a short track or fixed sheeting point. If query is just a to settle an argument that is OK too. (not on toe rail.) olewill
 
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