Here are a couple of pictures of the bike I am currently working on.
I got this bike for free on long island. I was able to strip the gears and make it a single speed for no money.

I haven't replaced the crank or the gear cogs...the bike runs well but now it is time for the fixed gear conversion.

I went to my lbs and was able to get a aluminum 27 inch wheel with a fixed cog. (it was ordered I am waiting for it to come in).

After that I will take off the back brake and keep the front one...possibly change the lever and caliper.
add some straps to my pedals and I should be ready to go for now.

eventually I would like to replace the crank because i realize that it isn't the most ideal set up for a fixed gear bike, but for now I would like to get some millage out of this crank before I decide to replace.

hopefully you guys can answer some of my questions with the given pictures. so here goes:

1. With this crank and the new rear wheel with a fixed cog...should i have any issues with my chain line?

2. Right now i have the chain around the inner chain ring on the crank, witch one should i use for the fixed gear set up?

3. When I do replace the crank what kind of bb will I need and what kind of crank do you think I should use?..I would like to keep it below 100 dollars so any suggestions would be appreciated. (I realize I prob need 165mm cranks)

lets hear your thoughts...