Originally Posted by
Retro Grouch
The nice thing about a project like this is, until you start fixing it, you can't lose any money on the deal.
Two questions:
1. Is the frame the right size for you?
2. Is the frame straight? Run a straight edge from the head tube to the rear dropouts on both sides and measure to the seat tube. If it's not the same on both sides, it's recycle bin fodder.
Honestly, vertical dropouts would make it a no go for me. There's ways around that but they're not elegant.
SS is fine because he can just clean up the existing rear derailleur to use as a chain tensioner. Fixed gear is a different issue.
The other points are critical though.
If the frame doesn't fit, don't even bother starting.
If the frame isn't straight, don't even bother starting - Sheldon Brown has some info on checking it all.