Classic & Vintage - What do you think about running a single chainring on an old TT bike?

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I've picked up a Nashbar Aero Sprint. Someone set it up with a single 49T track chain and a 5-speed 12-21 freewheel and no FR derailleur. I also have a 7-speed 11-19 freewheel I could use. Will this work or is it going to be trouble. If if works, I kind of like the simplicity. And this will not be a climbing bike.
Thanks
RFC
Time trialists would strip all the weight they could from a bicycle. If the course was flat enough, they would remove the inner chainring, front shift lever and cable. However, they would often leave the front derailleur in place, and carefully trim it using the adjustment screws, just so the chain would not accidentally come off in the crossover gears
My '72 Bob Jackson was originally configured as a 5-speed ... single bar-end shifter on the right, single shifter boss on the downtube. I've gathered from other sources that in addition to the time trialists to which T-Mar refers, criterium riders would do the same. Personally, it seems to make sense; I live in a super hilly area, so when I ride the (relative) flats, my legs never need to get off of the big ring. I see how having two in the front might not be necessary for you ...
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