I don't see a problem with converting this to a single speed. But I wouldn't toss money into it, unless you really just like the look or idea of it.

The 'ghetto' ss is always an option.

Just take the derailer/shifters/mounting bracket thingies off, and just pick the best chain line for throwing your chain over.

You can mess around with the chainrings on the spider (assuming you can) to pick the most comfy gear for yourself.

Buying new wheels/new cranks/new bars/etc etc is just going to a lot of money.

Now I converted an old bike and put new wheels on and the like, but that's cause I am silly.