Originally Posted by
Scrodzilla
First of all, a Schwinn Varsity isn't a very "nice" frame. They're heavy as hell on steroids and unless you use a bottom bracket conversion kit, you can only use a one-piece crank. The Citoh isn't anything spectacular either but would be my choice if I had to pick one of those two.
Prepare to spend a lot of money.
+1
Unless you have all the parts already, consider selling what you have and getting a complete bike you can convert. From the pictures, looks like you'll need brakes, maybe a crankset, and maybe a wheelset? IMO, neither of those frames are worth buying a new wheelset for.
If you decide to build one up go with the Citoh.
EDIT: whoops, I'm too slow. Post pics of the new Fuji!