I have an Eighthinch crankset on one of my rides and while it may be cheap $50, I've had no problems with it and it looks nice.

To answer your question, I would just buy a shimano freewheel in a smaller size so you don't need to buy a new chain as well. Then down the road when you are itching to get a new crankset you won't have to worry about upgrading your freewheel.