I've decided I'd like to have a SS/Fix flip flop bike but I'm not sure what my best option will be. I could go the easy route and just get a Dawes SST for $330 or I could go to a local shop here and get a used Schwinn road frame that comes with brakes, headset, stem, and BB for $50 and build from there. All those components are used and possibly in need of replacement or repair. Here's what I'm thinking for the build up:

Supercross plaid saddle $25
seatpost $15
Nashbar bull horns $20
Nashbar TT brake levers $25
Origin8 or Pake crankset $60
Formula Weinmann DP18 Wheelset $160
Freewheel $25 (for comparison sake, I'd need to add a track cog/lockring later to the Dawes also)
chain $15
grip tape $12
brake cable $10
tires $70
tubes $10
Crank Bros pedals I already own.

The build comes to a grand total of about $500

The big difference is that with the build I can go slowly and spread out my costs so I'm not dropping more than $200 at any one time. But I do realize I'm not looking at top of the line parts here so my question is if I did this build would I wind up with a bike that is at least on par with the Dawes or slightly better? I think spreading out the cost and being able to pick and choose the parts would be worth the price difference to me if I wind up with at least as good of a product in the end.