The bend in the fork does have a little bit of stress showing (small surface crack). Since it's steel, I'm not as concerned; however, I will definitely keep an eye on it while tracking down a replacement.

I agree that it's foolish to spend too much on this bike, but it doesn't seem like a bad base to work from. I could buy a $300 bike that I'd never really be happy with (speaking from experience), or enjoy this one. I want it to last for 2-3 years of service, then it will probably hang around as part of my bike garage if for no other reason than the fact that it is quirky. It's not the coolest or most practical thing around, but it gets the job done without any drama.

With that in mind, will Velomine's Sun M13/Formula wheel set fit the bill? It's not terribly expensive, and it would give the extra benefits of clincher rims and a proper lock ring. If there is some benefit to a particular other wheel set in a similar price range, even a 700c, I'm open to suggestions.

I don't mean to come across as a hard headed newbie, I really am open to learning. I tend to pick out enough to know what needs to be done, then get lost in finding the best way to accomplish it.