Join Date: Jun 2005
Location: South of Madison
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First, both bikes, particularly the Raleigh, show pretty extensive rust on lots of the parts. Not a huge deal assuming it's just the parts rusted, and not the frame, but you might get to have some fun with seized parts.
OK, so you are planning on stripping all the parts off the frames, getting them blasted and then powdercoated, and then building them back up? Here are some rough budgets (per bike):
Supercheap $50 - reuse almost all the parts off the original bike. Buy a cog and lockring minimum (suicide hub option) or a new rear hub and remake the rear wheel. You will save money, but the bikes will suck.
Moderate $150-$200. First, buy a complete fixie wheelset. This will use almost your entire budget, but that is fine. Besides a frame that fits, wheels are the next most important thing. You might need to try finding some cheap replacement cranks, since both the ones in the pictures have integrated outer rings. You could also just use those big rings and find a suitable rear cog to get the right ratio.
Full replacement $300-up. First, you should probably be looking at a new bike at this stage, unless these have some setimental value, because they are not worth the money. Strip down the frames, and replace lots of stuff (wheels, cranks, brakes, maybe even bars) with cheap new or good used. You need lots of time to find good deals, and tools and know how to set things up right.
Also, just an FYI - v brakes do not work with either of these bikes. One looks like it has single pivot brakes, and the other has double pull. Unless you are trying to go nice, you could probably reuse the brakes, but I would replace the pads with something better, like koolstops. You will notice a huge difference in performance.