There an older French frame that I'd love to build upon, and currently my two options are to pick up a local fixie, and convert it into a geared bike, or to buy the frameset in another state (frame, fork, bb, and headset included) and build up from there. The price between the two options is roughly $100.

Assuming I have no components, but could buy used components on the cheap at the local bike co-op, how much would I be spending if I went the frameset route? I'm not exactly looking to create a collector's item, but just a pretty good bike on gorgeous 531 frame. Also, I haven't checked out the fixed-gear yet, so I don't know what sort of wheels and cranks are on it, so let's just assume some halfway decent wheels.

Thanks folks.