I wouldn't spend $300 on a conversion, especially on a frame like that. If it were a Raleigh International or Competition or something with a nice Columbus or Reynolds frame, I might convert it, but I have a basement full of spare wheels and parts, so it doesn't cost much. If you haven't ridden fixed before, you are going to want at least a front brake, and a rear brake as well if you ride a lot of hills.
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