Since getting into riding again, I've been trying to learn as much as I can about wrenching. A couple of weeks ago one of my neighbors had a ten speed out front with a sign that said FREE, so I picked it up as a project bike to learn on. It's a Panasonic Villager w/ Shimano Positron II Rear Der. w/ 5 spd. cassette and dual chain rings. Now I'm trying to figure out what to do with it.

I finally got around to dismantling it today. The rear stays are 126mm. So I guess my option is to go to 7 spd. or spread them apart to 130mm and go for 9. I also am considering turning it into a fixed speed but the dropouts are vertical and I read (I think on Sheldons site) that horizontal is necesarry for chain tensioning. Any other ideas for a decent first bike building project with this frame?