Originally Posted by
notfrench
I gotta disagree in that all this is "easy." To convert from 27" wheels, to 700c, you'd have to find long-reach brakes. A SS conversion could be as easy as taking the derailleurs off, and shortening the chain, or more involved like replacing the freewheel. Either way, all of these additional modifications will cost money, and you'll end up spending at least another $60-100.
Also, I'd say $100 is probably a fair price for a UO-8 in Chicago, and if you wait, you probably find one in better condition.
Converting is easy. Going from 27's to 700's only calls for 4mm of extra brake reach. Existing calips may be able to accomidate that. As far as gears go that's easy as well, it's eitherfew bucks for spacer if you have a cassette hub or $12 for a BMX freewheeling if you starting with a thread-on freewheeling. Add $7 or so for BMX chainring bolts and that's it.
Of course this assuming your doing all your own work.