Hey, easy on the low-end Gitanes, bbattle.

I love my Gypsy Sport conversion.
I question how feasible this would be if the bottom bracket isn't ISO (which it may well be). When I was converting my Gitane, I went through a period of panic when I thought it had a French bottom bracket, and even though I had usable cups, I basically concluded it would have been a deal breaker due to the chainline headaches it would have created.
But if it is ISO, convert away!