Bicycle Mechanics - 2001 Lemond Chambery Frame

Hi Fellow Bicyclists. I am new to this forum. I have been a bicyclist most of my life however, its a been a while since I rode regularly. I am intending to to get back to riding on a regular basis. I have purchased a Lemond Chambery Aluminium frame. Its in wonderful condition. It has arrived minus bottom bracket but with Time Stiletto forks and Chris King Headset. I intend to equip with Shimano or alternative components, probably Ultegra as per the original build. I have some questions.
1. Can I use more updated equipment i.e. Crankset...some of the more recent carbon fibre units like the SRAM units?
2. The bottom bracket is the first addition. I believe that originally it had a Shimano 6500 Ultegra. Can I replace with original BB or upgrade to a Chris King or what ever and what would be your recommendations?
3. The Time Stiletto forks have a line crack around the top of the forks...I think its only the paint but it worries me...reports of failing carbon forks...oooh!
3. Shifters: Lots of expense and choices here. There are some options. I am looking at these:
2010 SHIMANO ST-R700 STI 10X3 Shifter 105/ULTEGRA Grade Brake Lever Set
They are on sale at $170. I looked at the Microshift but......Any other suggestions ?
4. Wheels, hubs, cassette et al. Gosh, a helluva lotta choices here. What about cassette size? Will a ten speed fit my frame?
One last question, opinions on short cranks?
Thanks for amy suggestions. I'm pleased to be on this forum...some good advice already gleened form posts.

1,2. Your bottom bracket shell is threaded 68 mm English threading which is very common so any suitable cartridge or external bearing bottom bracket and matching crank can be used.
3. Have the fork evaluated by a competent bike shop. There is no way it can be determined safe on the internet.
3A. The ST-R700 3x10 Shimano brifters should be fine. Microshift has a mixed reputation but generally seem ok.
4. Yes, your frame is spaced 130 mm so any road 8/9/10-speed freehub (the same freehub body takes all three cassette sizes) will fit and it will accept a 10-speed cassette.

Thanks Hillrider. I have just purchased an Easton EC70 SL carbon fork with a Cane Creek 40 series head set, Easton H11 stem and forte alloy bars...all as new (300miles) for $75. Thought that was a good deal. I'm looking I'll take your advice and have the Time Stiletto fork checked. I'm about to look at purchasing a bottom bracket.....keep y'all posted!
Thanks