Thanks. So far I have cleaned the whole bike and stripped the bars down, removed the brake levers (bent and unusable), and removed the old rusted cabling.

I got a 27" wheelset for about $50, bought a freewheel cassette, and tires, tubes, tape, etc.... very cheaply on eBay ($60 maybe tops shipped). Bought a chain tool and freewheel tool. Hoping to get the whole thing for under $150, but really don't care. It's been fun, and when the parts start coming in, it will be a great winter project.

I like the idea of riding steel after buying my Colnago Victory, and being able to get out with her on steel would be a great thing. She rides her fixie all over, and she's got some serious pedal power. She was pretty psyched when I bought the frame of CL for $15. She thought the Colnago was cool when that came, and if she could ride it I would have given it to her right then after the look on her face. But she's only about 5'4" and it's way too big.