Ok,
here is the bike I am going to go look at because I am an idiot. Negotiated a swap for a pair of Oakley Radars I never wear anymore.

I've got pretty much all the parts I need to build a drop bar version with bar-end shifters and fenders. The only thing I would need to get is cables and tires. I would eventually have to build up a front wheel with the dyno hub I have and set up the dyno lights I already have, so budget for a rim and spokes. I think I could comfortably make this happen for under 100 bucks. This bike is a challenge to see how little I can spend on a bike and still like it. I haven't seen it in person, but initial plans would be to strip the paint and clear the bare frame. But if the paint is in really good condition, it might be hard to erase the late 80's/early 90's awesomeness.