New Project! Feedback and suggestions please.
 

I would like to know what everyone thinks of my find and plans. Suggestions would be nice for components.

I recently picked up a 1978/79 SR Gran Course that was in pieces. I love Japanese bikes. I have heard of SR bikes but have never seen one. It is either a CR-MO or Hi-Ten lugged frame. The paint is pretty bad. I don't know if I will leave it as is and use the bike as my beater, or if I should repaint/powder the frame. It came with SR Custom road bars, SR Silstar Cranks, SR Custom seatpost and double walled 27x1 1/4 Araya wheels. All the Shimano 600 AX or EX components that came on the bike were already missing. I want to make it into a single speed. I plan to upgrade to sealed bottom, head and hubs. I am debating between a White Industries or Shimano 1200 freewheel. For pedals, brakes, and saddle I haven't decided on anything yet. I want to make the bike as weather proof/resistant so I can use it year round in the Midwest climate.

http://dl.dropbox.com/u/54324781/Frame.jpg
http://dl.dropbox.com/u/54324781/Headtube.jpg
I love the lugs on the headtube of this frame!
http://dl.dropbox.com/u/54324781/Bottom%20Bracket.jpg
http://dl.dropbox.com/u/54324781/Model.jpg