I spent some time on the $1 Univega yesterday. I decided to leave the paint as-is for now, but there are a lot of bare metal spots, so it will need repainted at some point if I decide to keep it. I am building it mostly with parts that either came from the BOC, or were destined for the BOC. I thought the correct seat post was 26.6 mm, but when I tried it, the post would only go in about an inch, even after honing the inside of the seat tube to remove any burrs. I didn't have an alloy 26.4 post, so I tried a 26.4 steel post from another bike. It's a loose fit, but the ears didn't pinch together when I tightened the clamp, so I guess that is what I will be using. I might chuck the other post in the drill press later and sand it down a little bit. I still need to decide on a stem and bars, mount the brake levers, and do the cables. I did a preliminary weight check (including everything but cables) and it was just over 25 lbs, so not too bad considering the number of steel parts it has.