My entry is done. I still need to tally the cost, since so much of it is subjective. Here is what I have so far:
1. MASA 12 complete bike - $0 (pulled from a dumpster)
2. Steel 26" wheels with S/A S3C rear hub - $0 (trade for 27" wheels, derailleurs, & shifters that were on the bike originally)
3. Seat post and clamp - $0 (were on the bike)
4. Bars and stem - $0 - (were on a Columbia 10 speed pulled from the same dumpster)
5. Steel cottered 10 speed crankset - $? - (came from my parts stash, I don't know how to value)
6.S/A shifter, cable, and clamp - $5.00 - (from LBS)
7.S/A pulley - $2.50 - (pulled from stash, LBS sold me a replacement for $2.50)
8. Front BMX brake - $1.50 - ( half of a $3.00 set at a bike swap, BTW the cables and housings are recycled)
9. No-name front brake lever - $0 - (it was a on the frame above for the front brake)
10. Tubes - $8 - (LBS)
11. Tires - $24 - (LBS)
12. Saddle - $2 - (part of a $20 Raleigh I bought a while back)
13. Pedals - $5 - (nearly new take-offs from a Raleigh mountain bike I sold earlier)
14. Chain - $8 - (LBS)
So far that tallies to about $62.00 by the calculator in my head.
I must say however, that the S/A S3C hub is as problematic as I have read. I put 12 miles in today - mostly in first gear, sometimes in third, but sometimes second gear would show up for a few seconds whether you wanted it or not. The coaster brake worked well - much better than the front BMX cheapo.
So here is my entry:
I'd like to call it a "Path Racer", but after 12 miles, a "Path Pacer" may be the name.