Cause that's what whoever ordered it wanted.

There's a 5 year wait list on vanilla's, and they aren't taking anymore.

and rack bosses!

Look at your brakes now. If you have 4mm to move the pads down, you good for 700. As far as compatibility goes, if you're changing the seat post, stem etc you're doing way too much. Just look up the brand/model when the craigslist ad shows up and there will probably be several threads in the vintage section talking about how standard the thing is. If the name sounds japanese and it doesn't have cottered cranks then it is probably a winner, but double check anyways.

If you end up dropping any real amount of money into this project, then buying a new frame and components will be way less of a headache but can still be well unique.

Good point! I suppose I would do that as well. Looks pretty BA

Op, get something with a English bottom bracket. Old hi-ten steel Schwinn's can be had for cheap and there's nothing wrong with building one. I have a 78' Schwinn Traveler III that I converted to a single speed and have been commuting with it for the last four months. It weigh 22lbs, not light but not really that heavy for a hi-ten steel frame. Whatever you decide to do, go luck and have fun!

I have a converted schwinn traveler as well. It is an older model with a one piece crank. I just removed the outside ring and it gave a good chainline. I can see why someone wouldn't want this kind of bike but I find it rides beautifully. A heavier bike has some benefits if you're not riding competitively, particularly if you live in a hilly area. It will make you stronger. Nobody walks into a gym looking for the lightest barbell they can lift right?

just di the conversion, it took about 10 minutes including removing the derailer parts. you could even do a suicide setup on your stock wheels for about $15.