I have an old singlespeed coaster-brake Ross Eurotour. I know nothing about bike mechanics, but want to learn by converting my Eurotour. I want the bike to be as simple and frugally built as possible - I have no need for a flipflop hub and would like to convert the bike well with minimal spending. This bike is my eventual commuter beater. I will need a front brake. Due to sentimental value I'm not considering another bike. It will see predominantly flat road, so I'd also like to swap out the thick 26" cruiser tires for a more efficient setup.

I started browsing the links and doing searches here but the knowledge is overwhelming. Please help me get started.