i'm going to be building up a commuter over the next month with a frame i got from my landlord for free.
i guess my priorities are a sealed bearing headset, hubset, and bb, a rust proof chain. i'm also going to put full fenders and some decent tires on it. the rest will be an amalgam of used parts. i might even spring for a can of rust proofing spray.
i wouldn't go the absolute cheapest route for a commuter. you're going to depend on it to get you around in conditions that you wouldn't subject your other bike to. if your bearings are beat to **** and never maintained, then the riding's going to be like tredging through a swamp. same goes for the chain. a little extra scratch up front will go a long way with a bike that is going to see harsh times.
there's a difference between a beater and a commuter.