$90 centurion dave scott frame+fork+headset (ebay)
$180 wheels-campagnolo hubs+cog+lockring, velocity rimz (swapmeet)
$?? chain, cog, toe clips, uh other things totaling <$30
$0 cranket, seat post, pedals (from old bike)
$1 pair of toe clips (bargain shoebox at swapmeet)
handlebars, stem, uh, i forget. everything not mentioned here was cannibalized from old bikes/parts bin

so no more than $300
definitely worth it