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@conquistador
My opinion, don't let this be your first experience of wheel building.
Wheel is worth more as is on ebay, you can buy what you're needing for a couple of quid from a community bike shop (my local has vuelta airline with 7spd block in near unused condition for £10. alloy wheels are a plenty and easy to get hold of with iso freewheel thread. Flip-flops have pretty much constant value for first time converters looking for cheap parts)