Nice frame, don't paint it.

I'll give you parts recommendations, eh?

1. Before buying anything, take that silly kickstand and luggage rack off. Bikes look better without them if you're not using them.
2. Shimano 105 front brake. There's some vendor on ebay that got them wholesale and sells them for $40.
3. Brake lever, anything made by SRAM is good here.
4. Fixed gear wheelset, get 27" wheels as not to mess up your geometry. I highly recommend Origin8 track hubs; cheap and smooooooth.
5. Shimano sealed-cartridge bottom bracket (the LBS stocks these usually)
6. Any crankset made by Sugino; I'd recommend RD, RD2 or Messenger.
7. Whatever pedals you'd like, I don't know if you want to go clipless or not, your call. Just make sure you get some sort of foot retention.
8. Get a SRAM PC-7x or PC-1 chain like Vixtor said. They're really safe.
9. Saddle/seatpost, huge variability here so I can't really recommend one
10. Bar tape! I really like stuff made by Lizard Skins and Cinelli, but generic Nashbar stuff is decent too.
11. Cog- whateva man, just don't skimp in this area because cheap ones can strip.
12. Lockring- same.

Best of luck on your build! Have tons of fun with it!