For last weekend's '71 Int'l project, I went with a simple build, using parts on hand, including rear wheel with a SRAM two-speed hub:
That was mostly to determine how it rode, so how wide tires it might fit (700 x 38!), just get it under me as a bike. I have others from the era that are built with derailleurs, friction shifters, etc., so I'll likely leave this one as is for a while.