I just found a junked Raleigh Colt single speed, the bike's frame is a bit small but will generally fit me with a little playing with components. I'm wondering if you folks think this is bike will make a good fixed gear conversion from it's current condition...please also consider this will be my first fixed endeavor.

Here's the condition:

it's SS with a 3 speed sturmey-archer hub (hub is broken and only one speed works), semi horizontal dropouts, front and rear working brakes, unknown manufactured wheels (front is nice chrome under the layer of dirt), frame has chips but only superficial rust, chain works but needs overhaul or replace. Also it's red and looks cool at least to me, it's a post-1964 model based on a servicable BB with plastic oil cap.

Thanks much! Al