A few months ago I got a 63cm Schwinn Le Tour for next to nothing. I *was* going to cut it up and use it as the basis for a recumbent project, but that fell through. I started acquiring parts to build up a fixed gear instead. First I tore of *all* the braze-ons and filed the tubes smooth. I also removed all the decals, head tube badge, etc. When I was done, all that was left was bare tubes. Just the way I like it. I happened to have a stem and seat post that fit and everything but the wheel set to make it work.
A friend gave me an old 12 speed with steel wheels. It even had good tires! So, after putting in a new rear tube, I had a wheel set. I robbed the 19T cog from my commuter (It had a 17 and 19 on it) and after a quick trip to the LBS for freewheel removal, I threaded it up. I used the rotafix method and then I put on a bottom bracket lockring over it. The chain line was *way* off by about 10mm so I decided that I HAD to respace/redish the wheel and hub. I've never done such a thing and was a bit nervous about ruining the wheel. But I followed the guide at fixed gear gallery.
I loosened the drive side spokes by 1/2 turn and then tightened the non drive spokes 1 full turn. I then respaced the hub some old wheel nuts off of a bolt on wheel I had laying around. I faced them outward so they would grip the dropout. I used one on each side and it turned out that those were the only spacers I needed. The chainline is within 1mm.
The wheel was still off center and so I tightened the non drive side spokes 1/2 turn at a time until the wheel was centered again.
I didn't have any single chainring bolts so I used standard ones, but I put on two chainrings of the same size so its not as noticable.
The bike is still being finished but I've ridden it around for a few miles and it works good! I just need to finish the paint job and put a front brake on it and it'll be ready for backup commuter duty.
The pictures are still on my wifes digital camera, so I'll share as soon as I get home and download them tonight.
The moral of this is that it was all my first undertaking in painting, metal working of any sort, respace/dishing. If I can do it, anyone can do it!
So the total cost of this bike if anyone cares was about $5 for the spray paint and the rear tube. I already had the cog.