dirtman

I always thought that steel bicycles never wear out, only parts wear out. I've got steel frames from the 30's that are still just fine.
Tires, bearings, cables, brakes, etc wear and get replaced. If the thing doesn't rust away or get run over, its likely going to be around for a long time.

I was actually going to do something similar to an old Palm Cycles frame I picked up. Its a Japanese frame from the early 70's or so but with 27" wheels.
I found a super wide set of 27" Araya steel wheels and a set of extra wide tires. I was thinking of just lacing up a set of road hubs and running a single freewheel much like this Mongoose. The end result though would likely be heavier overall as the old steel wheels and big tires, plus the larger lugged steel frame, would likely surpase the 30 or so pounds this bike weights.

I realized this morning that the front tire, (which I knew needs to be replaced), actually doesn't hold air for long, yet I rode it for about three miles. I didn't even realize it was flat till I came back and decided to check the tire pressure with a gauge. The rear had about 100 psi, the front had zero. I had pumped them both up the other day, I gave them both a quick squeeze check and they felt good to go so I took it for a ride.
The front red tire is basically petrified, hard as a stone. Even without any air it holds my weight. Its slick as glass though and it leaves a red chalk line everywhere it goes. The sidewalls are so dry rotted that I can't make out any brand or size, or any writing at all for that matter. It crunches when it rolls. Sort of an unintentional 'run flat' tire?