I think that Cinelli is just perfect. Coversions are great b/c road frames work best on-the road. Duh! Also the frame now sees the light of day instead of being just wall art.
I also agree that the bike should sport both F and R brakes for safety. If you choose to use the original rear wheel then you will not be able to backpedal to slow the rear wheel as that can loosen the rear cog even if it has a BB lockring on it.
The only thing cooler looking is a Cinelli Pista frame with full Campy Pista grouppo. You can buy one (NOS frame) from a shop near me. PM me if you want details. Gerry