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@Scilly.Suffolk
"Make cheap mistakes" would be my advice to a first-time builder: you don't want to cut your teeth on anything fancy.
Difficult to tell from the photos, but it looks to have cast dropouts, so it's not a POS. Either way, there's no reason that it can't be built into a perfectly serviceable Winter/commuter/daily/hack/beater: mudguard eyelets at the rear and in this context the weight of the frame is irrelevant.
Have a browse through the Park Tools blog and Sheldon Brown to get familiar with terminology and compatibility issues.