It's not the highest quality frame in the world but that doesn't mean it won't be a fun bike and a good experience. Depending on the detachability of the chain rings on the cranks, all you really need is a new back wheel and you may be able to respace the current wheel and use a cog from the freewheel. I would go ahead and do it.
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"I don't want to learn. The more you drive, the less intelligent you become."