Yeah, I'm sure some P-clips would solve the problem, but it's an oversight.
I'd love the frame only. I have most parts already and I'm going to strip down one of my bikes too. If I were to get the complete bike though, I can probably get some money back by selling the stock parts on eBay. Oh yeah, good idea about the fork, it didn't occur to me, that would solve some problems nicely, I don't like these handlebars either.
Even if you spend $300 on nice wheels and $150 on BB7 brakes and cables, plus fork, etc it'll be still around the cost of the Big Dummy frame. And like I said you may be able to get some money back by selling unused parts, or use them to build a beater bike or something.
We really need to know how this compares to the Big Dummy and if it has any other possibly showstopping problems.