My initial answer would be, maybe.
Reason is, FasTrack is tubular track with an inverted U-shaped rail profile. The 700E Hudson (assuming that you mean the original prewar version) was originally designed to work with Lionel's T-rail track, whose rails have a T-shaped, more scale profile with a flat surface area. The prewar 700E has smaller wheel flanges on the engine & tender, making them O scale sized (not the oversized, "pizza cutter" type flanges on all mainstream O gauge locomotives & rolling stock), so the rounded railtops on FasTrack and regular tubular track could cause derailments, especially around curves.
If you have the original Lionel T-rail track, then it's recommended you use that. Otherwise, you should be able to use either Atlas O or MTH's ScaleTrax as they both have the same T-shaped rail profile. As to whether GarGraves or Ross track will work, that I couldn't say except they might; they have a T-shaped rail profile too but the rails on those two types do have a very slightly rounded rail top.