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Go for it then!
The cheap & cheerful route would be to swap the multi-speed freewheel for a single-speed one, remove one or other of the chainrings (if you're lucky, you'll be able to use the outer chainring position) and get a shorter bottom bracket to get a straight chainline.
Add some mudguards and you've got a nice Winter hack! While you're at it you might as well cable the brakes properly (they should go over, not under the bars).
Do you need a saddle? I've got a period one you can have for postage: it's even red! I've got some nicer Shimano brake levers too.
Well I had a charge plug 1 that a friend coveted and then bought. I loved the simplicity of the bike especially since my other bike is a 2013 polygon collosus enduro bike. I noticed on a single speeder the lack of complexity makes for a nicer ride