Originally Posted by
ianjk
how about this...
Instead of tossing new parts into it, just get a track cog, tube of loctite and bb lockring. Your bike is going to be a tank no matter what (I have two old electro-forged fixed wheeled Scwhinns). You could dump a bunch of cash into it, or do a quick conversion of the wheel and call it good enough.
You can use the one-piece crank (despite what ppl may say here), one of mine has at least 1,000 fixed miles on it without any problems (don't ride it anymore as I moved on to a bike with tighter geometry and about 15 lbs lighter). The headset should be fine too, just make sure to clean up any corrosion on the inside.
+1
Why replace the 27" wheels? You can get tires and tubes.
Why replace the BB and crank? you can repack it if it really needs it.
Take off the freewheel (Sheldon will tell you how to do a "destructive" removal, since you don't want to by the tool just for this), put on a cog, and a bb lockring, and you are good to go.
I just did exactly this to an old Fuji.
Works like a charm.
And if you don't like it, in six months you can start over, and reuse every component you paid actual cash for.