I don't know how to say this in a way that won't sound like I'm being a jerk.

An early 70's 531 framed Falcon is probably not the bike to go crazy with

It's pretty rare for one thing, you can look around and find a ton of decent 70's and 80's bikes that provide a great base for artistic expression.

A 531 frame is not (So I have been told) the best base for an SS/FG build, Supposedly 531 makes for a too wippy single speed.

There are bikes out there with no braze ons and less provanance.

I'm not going to tell you what to do, it's your bike. But, you might think about hanging the Falcon in the garage for awhile and picking up another frameset for your project. The Chrome plated single speed sounds awesome, but...why start with a Falcon when a True temper or Tange Schwinn, Centurion, or Fuji would work as well or better?