Would this make sense?
 

Found this bike on Craigslist, and the seller is willing to sell it for $350. My road bike could use an upgrade (specifically the frame), and I'm also thinking I can use some of the parts in my FG build. I'm specifically thinking the wheels. Would those wheels be decent to use on a FG? Obviously I'd take the cassette off, but would the Ultegra hubs work ok? Was considering getting some DP18's laced to formula hubs for the FG build, figure these would be comparable and would let me kill two birds with one stone.

Would this make sense?
 

Oops, would probably help to provide the link.

http://columbus.craigslist.org/bik/3107283225.html

That wheel won't work for FG.

Thanks, that decides it.

Would this make sense?
 

Would it work as a SS? I assume it's the hub that won't work as a FG?

Those wheels aren't great in general. Dp-18's are heavy rims, but yes you could select a single gear you like and add spacers on the cassette and use it for a single speed if you wanted the bike as a whole.

It's got a freehub body, so maybe you could use the Surly Fixxer to convert the hub to stepped threading for a track cog and lockring.

http://surlybikes.com/parts/fixxer/

More trouble than it's worth, IMO. DP18 wheelsets are cheap.

Nothing is all that great about any of that build, minus the seatpost. The rear spacing is stretched, the 10 speed downtube shifters are a very niche product, the stem is fine, the bars are standard.

And the MTB crankset is a pretty...odd.