I'm enjoying my Raleigh One-Way very much, and I have several old 3-speeds from my time in grad school in Massachusetts (my favorites are a 1937 Phillips City Model & two 1965 Raleigh Sports). One was my daily commuter in MA, a black 1973 Phillips, which suffered damage (bent crank) in a run-in with a car here in San Diego who turned left illegally.
Anyway, the Phillips is a beautiful frame - steel, lugged, nice paint. I wanted to convert it to a singlespeed/fixed with modern wheels, new Brooks saddle, front brake caliper (remove the rear), new stem & handlebars (Soma sparrow?)and maybe a flip-flop hub in the rear. I'd remove the fenders and chain guard and achieve a nice clean look. This would be my first conversion.
I was also thinking of buying an new old stock Sturmey Archer hub from Harris Cyclery and having them build a wheel around it to keep with its 3-speed British heritage. I want to have fast, light wheels - like on my Raleigh One-Way road bike. Can I use 700c wheels? Any opinions or things I should consider?