If my iPod touch 5 gets stolen and logged out of the iCloud account, can I still track it without having Find My iPhone? If they restore it which would log me out I can still track it by Wi-Fi right?
No, once Find My iPhone has been removed, the device cannot be tracked.
However, I believe you are underestimating how difficult it is to remove Find My iPhone from a device. To log out an iCloud account with an active Find My iPhone service, you need to enter the iCloud password, which would require them to have this information.
Furthermore, restoring the device requires disabling Find My iPhone as mentioned above, or entering DFU mode which activates Activation Lock requiring your Apple ID to unlock the device. All the while, your device can still be tracked using Find My iPhone.