i converted my peugeot to threadless using this $10 profile design adapter and I couldn't be happier. It's basically a 1 1/8 steerer top mounted on a 1" quill bottom. You have to use some emery cloth sandpaper to make it fit (from 22.2 mm to 22), but that takes about 15 minutes and isn't noticeable as an endproduct.

then I got a used stem for $4 making for a $14 like-new setup that I could swap for a different length at any time.