I had a roommate with a bottom bracket like that, and it was BAAAAAAAAAD news. It seems that it was a cheap(er) bike in its day and the BB is not meant to hold up to the stress of fixed gear. The constant forward and backwards stress of accel. and deccel. eventuallly broke the BB so that the pedals acted as if there was a fulcrum in the BB and the see-sawed when you applied force to the pedals. Im sure skidding or trackstanding would only serve to exacerbate the problem. That being said I wouldn't use that frame. Go to your local parts co-op and see if you cant grab a free frame with at least a 168mm square taper BB and decently tight geometry. You'll thank yourself later.