Great thread. I think you'll have fun assembling the Hounder. When you get it, look in the instructions and see what tools they say you need. Get those tools from your friend or dad before you even start; things will go more smoothly. Also, a pair of latex gloves will help keep you clean while assembling.

I wouldn't worry so much about the stuff to fix flats on the road. My commute to the train station is 1.8 miles, so if I get a flat during that, it would almost certainly be easier to walk it home and fix it.

I think you'll have fun on that bike, althought it looks like it is going to put you in a forward lean; not sure if that's what you're after.

Remember that for such a short commute, the rack is optional. You can use a messenger bag instead. Messenger bags can be worn lower than backpacks, so they don't make your back sweaty. If you do get a rack, either get one that is designed to have the special bags latch into it, or make sure you do a really good job securing the load with bungee cords or a bungee net. Otherwise, you'll have stuff falling off, and if something goes in the spokes, it could get ugly.

Let us know how it goes and post some pix when you have it built!