imthewalrus - thanks for the consideration. all great points, just had a couple thoughts, - the garage sale route is definately preferred...where i grew up that would be my first thought but i live in brooklyn now, there are plenty of bikes here but you will pay for it. that $40 garage sale find would run you 150-200 here. if it costs less you can assume it's stolen. your thoughts on my wheels not being worth using echos my concern.

painting - yeah i am torn. i do love the fact that the bike feels vintage. the pic however does not show the minor spot rust present around the frame. it's not rusted out, but it shows the signs of age and having weathered the elements. a year ago i took to it with some steel wool to clean the frame, which worked okay but did not eliminate the rusted look. aside from knowing it's relative cheapness, is there something that would make the frame undesirable? that is, anything i should look for in assessing the frame? if only this frame and a 10-speed frame where side by side what differences would i find? rear hub spacing i assume...