That is a pretty frame. Get the formula wheels, and you have the hard part done. Get a Surly, EAI, or Dura-Ace cog and lockring. Cranks, chainring, tires, seatpost, blah blah blah from the parts bin or the used pile at the LBS. Put a front brake on if you aren't sure if you want a brake or not. No rear brake to worry about. Put the chain on, pull it tight, wrench the wheels down... ta-da!!! Done.