First Attempt At Building
 

I have an old Schwinn Le Tour that I would like to turn into a fixed gear. I was wondering where to get started or if anyone may have some set-up ideas for me. Anything that anyone can offer would be a big help. I dont want to spend to much either since I'm a little short on cash.

I beleive the standard replies are: remove the deraileurs, choose gearing 39-16, 42-13 etc., leave on 1 chainring, remove freewheel, thread on a cog that matches your chain (1/8 or 3/32), shorten chain after measuring the proper length, align chainline and adjust chain tension, thread on a bb lockring after chainline is straight (turn cog on or off to get alignment),and use blue locktite to hold it tight. Go ride. I know people will offer different opinions and better ideas, especially regarding the use of locktite, but I figure why spend excess money on a new hub and wheel build only to find out you don't like to ride fixed. Find out you like it and then drop some coin on a good trach hub and rim.

That bike has horizontal drops so you should be able to "fix" it easy. Buy a cheap wheel set with a track cog, already installed hopefully, and there ya go. I'm betting that bike is 126 spacing, if you buy the wheels from the right person they will set the spacing for ya.