It always bothers me when somebody says, "It's your bike, do what you want with it". I supposed I understand the sentiment but I remember watching this show on the History Channel or something like that where they pointed out that the greatest damage done to some of the treasures of antiquity in Rome were not caused by the invading barbarians or the ravages of time and weather but by regular Romans in the middle ages who didn't view any of that stuff as a "treasure" but simply as old buildings and stuff to be stripped and pilfered for building materials. It's sort of the same with bikes: you might not care if it's original, you might not care what other people think, you might not worry about any of that - but one day YOU will be gone and so will all of the beautiful old vintage bikes if nobody cares for them.

That said, it's a '92 Paramount so go ahead and make it a fixie. I don't think anybody will care in this case.