just leave the frame raw. and scour for used parts- remember, this is going to be your beater. my first iteration of a beater cost me about $180, and it had a LOT of used parts. i still have it- its my go-to bike- comfy as hell- like it was made for me. and i started with about 3 whole bikes. not having any parts, for a ghetto conversion, you are still looking at ~200 with a GOOD wheelset- (not a loctite fix). bens cycles has some good wheels for about $100, i got my mavic cxp-22's for $140 shipped. you will have fun, lots of headaches. try to find a bike co-op and make friends with the guys- they will be able to help you out more than anyone else.