Take a good long look @ fender1's conversion/rebuild and offer one exactly like it. Well, maybe a choice of colors and straight or drop bar option. Oh yeah, schrader valves instead of presta as most 'entry level' commuters aren't familiar w/t unique P.I.T.A. features of the pv's. But, beyond that it is THE commuter rig. Unless one lives in SF or the 'burgh...major hills. Maybe include a chainguard. Zerobikes in the UK offers a shaft-driven 7 sp version of what he's designed.

The shaft-drive would be an intreresting option tho there may be a weight issue.

A 700.00 limit would be good.

My rig is an 80's Fuji DelRay w/vallite frame. Sora 7sp brifter, single chainwheel(52t), 170mm cranks, wellgo dual-sided clipless, bmx spindle(110mm), stock cups w/loose bearings, stock nitto stem and hbr, cassette(12x28), stock dia-compe side pulls w/koolstop mtb pads, shimano aero brake lever(frt), specialized split ergo saddle, sun cr18 700 rims(36h rr and 32h ft), rsx hubs, dt alpine 3 spokes, kenda kwest 28mm tires, tuffy liners, Delta universal rack, Jandd saddle and seat bags, Zefal fenders, TP road morph pump. 2 niterider trailrats w/universal taillight, Cateye Sport and an assortment of rear blinkies including an older Vegas light. My girl says I look like a 'low level ufo'" at night.

Arrived at this configuration over a period of years. Trial and error, mostly. I've got an mtb version w/1.5 tires, 46t chainwheel, 11x28 cassette. Everything else is stock. Alivio shifters, etc. Use it when weather's really foul or I need a change of pace.

I think the extra spoke count for the rr wheel should maybe go as high as 40 for safety considerations when cycling under load. Even 'light touring' can easily reach 50 lbs(combined bike and gear) when adding food, water, etc. I work 2nd shift and the temp can drop 30 degrees for the ride home. I'm always amazed at the weight of the extra gear. Booties, balaclava, base layers...it adds up quickly.