I've seen a lot worse conversions but it's definitely nothing special. If you can't build your own, I think it would be worth spending a little more and getting a "factory fixie" like a Bianchi Pista, Raleigh 9-5 (?), etc. Or have a good bike store you trust build you up something from used parts. Too me, $300 for that one is no bargain. You definitely want a better crankset then what's on that bike, and a freewheel bike should have two brakes. Plus anyone who describes a Raleigh Record as "beautifully constructed" is ignorant or full of BS.