This thing takes me 8 miles each way everyday. I picked up the Schwinn Highplains for next to nothing at a pawn shop, and have slowly found stuff around the garage to put on it. Rear hub is a White Industries eccentric running 38-15. I had that wheel in my garage--I wouldn't have purchased it for this project specifically.
Panniers are homemade from two diaper bags I bought for $1 each at a thrift store, some pvc pipe I had at the house, and lots of wire and zip ties. Total cost of panniers (not counting rack) was less than $10. I laugh whenever I open the lids because they advertise infant formula.
The front fender is an old license plate, hacksawed down the middle. I saw a picture on the internet of something similar, and I liked the idea.
KTK