Couple things I forgot. Does your Outlook have horizontal or vertical dropouts? If they're vertical I probably wouldn't bother, as you'd have to run a chain tensioner or find the magic ratio.

Also, do you have a freewheel or cassette on your wheel? If it's a cassette you can just replace it with a single cog and some spacers. But if it's a freewheel you'll need to remove it and replace it with a single speed freewheel. And probably have the rear wheel re-dished.