Conversion is too soft a word for what will have to be done, it is more than likely going to be a rework.
Somethings you need to figure out:
I would like to add a ceiling fan/light to one of the receptacles
A ceiling fan is far heavier than a recessed can light and thus needs additional support. The recessed light box will need to be replaced with a special box that braces itself into a ceiling joist or into a wooden block between two ceiling joists. Looking at how the recessed light box is being fastened into the ceiling will tell you how to do this.
and convert the other to a track light with its own light switch control.
This can be done but even in the best case scenario, you will need to run an additional cable from the switch gang box to one of the luminaires. This is of course assuming that the cable coming from the breaker is coming into the switch box.
It becomes more complicated if the power to the breaker is coming into one of the two lights. In this instance you would need to run a 3 wire and ground cable from the switch box to the light with the power line coming in:
NOTE: All of this of course is assuming that if one of these happens to be a fan/light combo, then the fan and light will be wired to turn on with a single switch, rather than separate switches for each function.
NOTE 2: This also assumes that you have already have a double gang box for installing two switches. If you do not have one then you will need to open up the wall and install one.
NOTE 3: The following diagrams assume equipment grounds are properly wired throughout.
It sounds like your plan will work now that you have the 12/3 cable -- since you have a neutral at the kitchen-side switch, you don't need to worry about running one to the entry-side switch, as the 404.2(C) provisions for neutral at switches only require neutral at one location within a multiway switching setup.
Best Answer
If you can run a new power line to one of the outlets, it may be an easy way to re-use the rest of the existing wiring without having to break walls open too much (less than if you run a new wire from the switch to the ceiling boxes).
The feed would essentially come from the outlets, to the switch, then to the lights/fan, and the existing feed would no longer be used.
You might need to cut an access hole below one of the outlets and then fish a line from underneath, or cut a hole on the wall opposite the outlet, or if you're really lucky, one backs onto an unfinished space. It's very hard to say without actually being there.
Some tips:
Small variation is you could disconnect the outlets from the switch, and keep the circuit you drew for the switches/lights in place exactly as-is. This could be good depending on how you want circuits loaded out (eg, the lights/fan separate from the outlets) and what you have available -- it's very hard to say for certain without being there.