Another one here agreeing with BigBossMan's method. Touching upon Paramount1973's advice, I agree to an extent but dont pass up a good deal on a MTB if all other parts work fine (other than the FD.) A brand new lower end model Shimano FD will be well under 10 dollars at your LBS, and piles would be available at your co-op for real cheap.
edit: A 28.6 clamp bottom pull Tourney FD should have an MSRP of $4.99. Ugly black, I know, but it will work fine.