I'm going to say that the OP knows enough where we're not being, like, negligent if we don't point out the drawbacks. I've spent money and done plenty of completely stupid things with bikes, but i never fret over it b/c 95% of the parts get reused in a different project or a friend's project, or whatever. What Corwin is doing is an experiment, as an evolutionary step towards future builds. Back brake aside, there's nothing dangerous about this project, so I'm not going to waste anymore time questioning the wisdom of the project.

I'd be lying if I didn't see enough Schwinn Varsity-to-26" pics online to inspire me to buy a basketcase Varsity so I can put some parts from the bin to use in making my own fake sidewinder/proto-mtb/diamond-klunk/whatever. A totally stupid endeavor, but who cares? Just having fun with bikes....