I just wanted to post an update so any others who are doing the same thing might get the information. I flipped over the bottom bracket and repacked the bearings. I bought a cheap old Regina single speed in town and the inside chainring is lining up pretty dang well with the rear cog now. It's not perfect and I haven't jumped over an curbs, yet, but my first ride was good. The main problem now, though, is that it's running on 42/18 which is way to slow, so I'll just get a new chainring and plop it on there when i get a chance. Thanks for all the advice, I'm super excited to ride it though the new brakes are a little sticky on those old Weinnman rims.