I'm not quite sure what a "Semi-Pro" is. I have a 1973 Nishiki Pro and it has been an excellent conversion.
I have a Cinelli 1-R stem and Type 64 bars in a 42 width so I never had a problem with stems.
I too ride a 44X17 for this part of MD which has rolling short and sometime steep hills.
I just used my inner chainring and old wheels. Bought a 17T rear cog and secured it with a bb lockring and red loctite.
Since I run BOTH brakes and never back pedal there is no problems with a suicide hub.
I used washers and longer chainring bolts to get the chain line right.
Total cost of parts was well under $50 since I already had the bike.
Good luck!
Gerry