Thanks guys!

I do have a question though... what is the pie plate? Is that the thing between the largest gear on the cog and the spokes, or is it the guard deal on the outside of the chainring?

There are a couple Paramounts on Craigslist for $400-$500 and some on eBay for around that I think, but as I look and read more about them the more I am sort of pushed from them. Though I am not looking for a super lightweight bike, I read earlier today that they are around 25 lbs. Honestly that disappointed me a little, my friend has an older Peugeot road bike that wasnt even the top model and it weighs just a tick under 22lbs. I think if I was to shell out that much for a frame I would want something that could atleast compete you know? I still like them and Schwinns in general, but I think I would be happier spending $200-$300 less on a Super Sport, Le Tour variant, or ideally a Super Le Tour 12.2 (I read that the 12.2 is the weight in kilograms, which is about 26.8 lbs) and $200-$300 more on components. Plus then I would be messing up a Paramount for one of you guys that can actually afford it .

As for the rear brake, I really would like it... I've had a couple close calls at lights. None were close enough to really be potentially bad, but they all made me sweat for a sec. I have the rear mounted up now, but the wobble back there is bad enough that rear brake usage is very impractical. I will be straightening on Saturday though, so I wont have to worry about it for long. I'll rock both brakes on it with the gears, but I think when I get my new bike together I will go the fixed gear route and just do with no brakes. All of the fixie riders I know just go brakeless and do fine, plus I kinda like the super clean look that most fixies have.