Although I am fully aware that many coaches and athletes who have access to oversized tracks may be opposed to indexing out of self interest, it seems to me that the time has come to correct the situation.
Using a banked 200 meter track as the standard, my sense of how to do this would be to calculate how many fewer curves a runner covers in a race and multiply that by a factor no smaller than .15 but not larger than .25.
For example, for the 800, on a 200 meter track a runner covers 8 curves, on a 320 meter track a runner covers 5 turns. So, if we use a factor of .15 per curve, you would add .45 to the 320 track time. 1:50.00 would equal 1:50.45. If you used .25 as a factor, 1:50.00 would equal 1:50.75.
Over a mile, 4:00.00 would be adjusted to 4:00.90 using .15 or to 4:01.50 using .25.