I want to build a SS (freewheel) road bike for riding around town. I have the mechanical skills to build something half decent with an old road bike, I just need to find the right platform to start from. Ideally I would have a steel frame, (canti brakes?), wide tires, and bullhorns. Building this out of an old bike with a 126mm spaced frame will leave me with a bike that will work, but is it worth the trouble when I can buy a bike that I really like from Bikesdirect for $400? I can lace wheels, service bottom brackets and hubs, etc, but how would the most finely-tuned conversion compare to a decent but inexpensive dedicated SS bike? I hear good reviews of some of the bikes on BD.com but I could save money with a conversion.

Also, if I use and old 126mm spaced frame and buy a 120mm hub for it, can i just squeeze the dropouts together with the axle nuts, or should I add some spacers to the axle to widen it a bit?