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@MichaelG
You really don't need to spend £2k to build up this frame. As many have said, you will learn so much more building this up as a beater. If you are insistent on splashing out on nice components , then at least put them on something a bit higher end. That's not to say I've got anything against 501- I've got 2 frames just like this- because they're 2 a penny.
I'm not quite sure how you've come to own 14 bikes whilst thinking that spending £2k on a 501 frame was a good idea. But if you want to learn something ( a lot) and have the cash, then I know what I'd be doing. Best of luck and kudos for wanting to learn and looking for the advice.