Classic & Vintage - Will this work or find a different frame?

Here is the situation. I picked up an 80' Schwinn Traveler in jumbo size 65cm up for $30. One of the BB cups was not attached to the BB anymore. I got the bike home and stripped it of its parts. I found out why the cup wasn't attached. Half of the threads on the drive side are gone. The cup can be pushed easily halfway in before it starts to thread on it. I was able to tighten it after that. I am wondering if that is enough thread to use the frame. It is heavy 1020 steel so should I even bother. I was thinking of building it up as a fixie.

There may be enough threads to hold it in place, but I'd be concerned that it wasn't in place to begin with...There are things you can do, but the options become a little limited. First, you can have the LBS rethread the bb to Italian threading, and shop on eBay for some cups (or the Trades column at the top of this forum...). Second, you could use some locktite on the fixed cup. I dunno if this is a good idea as they are very hard to remove without locktite, but it might solve the problem short-term. Third, shop for a Mavic BB - the BB hub threads are chamfered and not used to install this BB. You can't ever go back to a threaded BB again, but you'll get many thousand miles out of the Mavic, and they sell on eBay quite often, and usually reasonably. There's a 114 mm on eBay right now for $33. It'll close for more, but I can't guess how much more.

There are also other brands of BBs that use a similar system to Mavic's and that may be cheaper... there was a link in a previous similar post, but I'm not finding it right now :(

Wait a minute. Falling down not exercising? You haven't skiied with me, my friend!

You can get a YST BB for stripped threads, I think about 17$ plus shipping, through www.biketoolsetc.com ; probably the cheapest of your options.

That's EXACTLY the link I was trying to remember! Thanks, poguemahone! OP, you're looking for the YST that's specified as "threadless" - the shop also carries the standard threaded ones, so don't be confused ;)