Thanks, Scrod. I agree with you about the Timeline being a fantastic value. Also, I have seen that IRO is not really running right now but the Phoenix frameset is available (or was the last time I looked) on jensonusa. Price is a big factor though and I know that parts add up quick so I'm not sure that I want to go custom.
My thought on the wheels is I would rather go somewhat overbuilt (at least for my purposes of commuting and road rides) than worry about popping spokes and stuff like that. When I get the Eighth Inch wheelset, should I take it to my lbs and let them retension and true them or is this needlessly spending money?