I'd say that if you meet the guy and he will go down to $150, then yes, the Vitus is a pretty good choice. It *might* be a bit big for you, I would suggest seeking out a 52cm frame, or thereabouts.

The only problem you may encounter with the Vitus is that the dropouts are vertical rather than horizontal, so you have to figure out a chainline that will work. I haven't ever converted a frame with vertical drops but I believe some of the guys in this thread have, maybe they can chime in with some advice on how to do it.

Here is what Sheldon Brown has to say about conversions: http://www.sheldonbrown.com/fixed-conversion.html