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...I read your other thread. I admire your enthusiasm, but wonder if maybe you ought to get those other projects rolling before youi get too much deeper in here. And I speak to you as a guy with a two car garage full of some pretty nice bikes and a project line of about a dozen of them, one of which is a tark bike I just finished restoring.
In order to ride one legally on the roads around here, you need one working brake.
It would be a shame to drill that one, as it would have been very traumatic to drill the one I just lovingly restored. And we are not getting a Velodrome anytime soon. So I ended up building a new set of wheels using a SRAM Automatix hub with a coaster brake for the rear.
It's fun to do, but it all takes time, and a certain amount of either cash or knowledge to do something like that. There aren't that many wheel builders in town I can recommend, and I'm not sure you can buy something like that off the shelf.
Anyway, I guess if you want it for a hanger, it's pretty enough. But it might be something you want to postpone until you've got a little more mechanical going for you. Just an opinion. It's free, and probably worth about that.