I've got an old 1980 Schwinn Traveler and I was looking into modernizing the gearing. (new freewheel / new rear derailleur / indexed tube shifters) I've been dragging my feet all winter and recently I thought, "To hell with it. I live in a flat area." so I'm now thinking about making it single speed (Not a fixed gear though.) I'm wondering which route would be easier/cheaper; updating the whole rear gearing system or re-spacing the axle to get a good chain line with a single speed freewheel? I've got the original rims with quick releases, so does this complicate things from a spacing perspective? Would I be a fool not to just drop some money on a set of wheels with a flip flop hub? I'm fully recreational and this is just a project to inject some new life into an old bike, so I'm not looking to go crazy buying performance parts. Any advice that isn't, "Scrap this bike and buy a better one." is much appreciated.