Just picked up a 1983 Nishiki Olympic with Tange 5 tubes for 20$ and i figured it would be a decent option for a fixed build. This is most likely going to be my winter beater so I'll be doing this on a reasonable budget. I had a few questions as I'm not familiar with some of the components. The bike came with Sugino VT cranks, are they the bottom of the barrel or where do they stand in the Sugino product line quality wise. Also is it advised to replace the BB and headset because the parts are over 25 years old? Comments are always welcome. Here's a few pics of the current status







And my assistant

Looks like a great bike to convert. You don't need to replace bb or headset, just repack. Replace the bearings if they are dull or cracked (a tip from my LBS mechanic), otherwise clean and reuse. A lot of people will replace them anyway, since they are relatively cheap, especially in bulk.

+1 for just cleaning and repacking the current headset and bb. Keep the existing crankset -- you'd have to go pretty pricey to get something new that's nicer, and it would be a waste of cash anyway.