Scrodzilla, thanks for the reply. I did look at the links in the Start-Here thread, very helpful. I hope you don't think I was asking for a complete how-to, I just wanted to get input on the type of bike that I have, Schwinn Letour and the steel wheels. I know most would immediately tell me to change out the wheels, but I don't ride much in the rain. This bike would be for flat paths near my home that are pretty level. It would be for exercise mainly. For hilly routes, I use my geared bikes. If I have to keep up with my friends I ride the Gary Fisher AR Super 27 speed. If I'm riding for fun, it is steel most of the time. Just my preference.

What do you think my chances are of using the existing wheels and simply switching out the 5 speed freewheel for a singlespeed freewheel and having he rear wheel redished?

Thanks for the help!