My thoughts exactly
Thanks for the input all. I didn't realize this was such a big topic. I think I'll start the process of piecing my old steel frame into a single speed commuter. It can double as a rain bike and when all is said and done it will probably only cost around $100, which isn't bad considering a transit pass is $86/mo. here in Chicago.
I think my decision would be different if I didn't have 80% of what I need lying around, meaning that if I only had 1 bike, I wouldn't be worried about getting a second one to ride.