i've had a read through that thread and it's helped me decide some things, but i was just wondering if anyone else had any experience with that kind of thing? its the right size for me and i like the idea of a 'retro' frame to start with.

I'm not asking for any help on what to do with it next, i want to learn all that through the process of taking it apart and rebuilding it but, its just the initial starting point and i can't tell if its got horizontal or vertical dropouts in that picture? or if there's something terribly wrong with getting that complete bike over something else?