that's pretty much what i have on my oldschool 25.4mm clamp sized stems. ya, you'll need, as mentioned brake levers, shifters, that have a 22.2mm clamp diameter, road levers and shifters will be too big. i use a bmx brake lever and don't use shifters, but any MTB friction trigger type shifter should work. if the shifters are indexed, you'll have to deal with compatibility issues. not particularly difficult if you know what you are doing...

of course, you'll have to be partial to blue.