I like the color. You should definitely be able to get it done for $300.

I don't have any experience with cottered cranks, but if worse comes to worse, you can get a 103 mm bottom bracket for about $30 and an Origin 8 crankset (cheap, but perfect for a project like this) on eBay for about $40 plus shipping.

Check out Bicycle Wheel Warehouse for a selection of quality handbuilt wheels at good prices. (No, I don't work for them, but I did buy my last wheels from them.)