No big deal. It's a pretty good conversion candidate.

Just keep the "need" for new parts down, and it'll be fine. You only really need a rear track wheel and maybe some spacers for the chainring to keep the chainline straight, but then you may decide you want to go for a set of 700 wheels instead of just a 27" rear wheel (if they're not 700), and then you may want a new crankset/bb, and then...and then...and then you've spent too much on a Schwinn fixie (as I did, see my avatar.)

They're awesome though.