I like it, and in fact, I have been playing around with simlar recipies for a little while.

Two comments though:

-why start with such a hog of a frame? I agree that this is not as suitable for a high-end racing bike. But there is a lot of room in between that extreme and a Suburban. Why not start with a mid-level bike that will be much lighter? And really no more fragile.

-You sure you want a coaster brake? Not a hub brake of some other kind? I just hate coaster brakes. Hard to get started for one thing, since you can't backpedal to ge the pedals where you want them.

jim

p.s., last time I checked NYCbikes.com was selling super cheap 700 3spd and 7 speed wheelsets.