Good luck buddy, I did the exact same thing. Spent $50 on a green schwinn varsity and converted it. I must have scrapped 60 lbs off the thing and still coundn't carry it up my stairs. this thing was a tank, as all varsity's are. I ended up scrapping it after three weeks and buying a miyata to convert. buyer beware
here's my link~~~~~> http://velospace.org/node/1791

edit, sorry I only ready the first page, good lookin bike, replaced more than i did. hope you have fun!