Just found this thread today - don't know how I missed it. What a neat project! In the end you're going to wind up with a super-nice bike, with components that have seen little use (those chainrings!) - and they were nearly free. Plus, a Hi-Low just happened to be lurking out back on the Cannondale? You can't make this stuff up.

Are you planning on replacing the decals or is it going to be a stealth build?

Looking good so far; subbed to keep track of further developments

DD