Ah, I'll need to pick up cone wrenches. I'll head over to the LBS tomorrow and scout out parts. What's the ideal teeth ratio? I'm pretty sure the elance has 52/42/32 chainrings and the shimano freewheel comes in 16, 17, and 18.

Sounds great! Just don't get the wrong size wrench.

Gear ratio is all up to you and the route you travel on. If you have a 16t in your freewheel cluster, try to stay in 42/16 for a good 10 miles ride or so, try to see if you are comfortable with that ratio, if it's too easy, go to 52/18; if it's too hard try 42/17. Just keep testing until you find your most comfortable ratio but 42/16 is a moderate ratio, good enough for hills and flats.

Perhaps I should ride there to be sure that I'm getting the right size. I've found out that due to a neat little bike-only road, the LBS is only a couple miles from my new house. Also, the teeth configuration of my freewheel is: 14, 16, 18, 21, 24, 34

My bike co-op is only 2 blocks away from my house, and there's another shop up the block and couple more within 2 miles. I live in one of the most bike friendly parts of the city, I'm fine with that. Definitely ride to the shop to check though and that way, you get to see how you are going to be stuck in one gear. Anyways, time to sleep for me. Good luck with your conversion.

Man, everytime I mention how close the LBS is, they magically have 50 LBSs within a quarter mile =P Thanks for all of your help and advice.

You don't need to re-dish your rear wheel, sure, it'd be stronger, but you don't need to do it. A proper freewheel removal tool would help, unless you get that LBS to do it for ya. Let us know how it goes, and post pics!

I do have a freewheel remover, but I don't think I'm doing the conversion on this bike. I think I'm just going to buy a fixie. I'd rather have the option between both, rather than limited to a SS. Also, the fixie I'm looking at has a flip flop hub, so I have the choice between SS and fixie.