“Mikefule” and “bmwjoe”: It’s a single speed (freewheel) so I won’t have to think about any “spooky magic” haha. The LBS had a 16 tooth cog and swapped them for $8. It looks like it should work without dinking around with the chain. I won’t get to try the new cog until spring.

“Lazyass”: I felt the same way about getting the Waterford frameset. I’m not all that hot about the stock setup, but I got a really good deal on the bike (used, but like new) and figured I could sell it come spring if I didn't like it.

However, like you mentioned, I might convert the bike into something sportier: Maybe remove the fenders and chain guard, different bars, bigger tires... I don’t like the chain guard bracket either. If I decide to remove the chain guard, it shouldn’t be too difficult to grind it off.