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@niggle
I gave the frame a thorough going over with coarse wire wool which left it with a fairly convincing brushed alloy look. I painted the forks, which were quite scratched, but only superficial surface damage. I used white coz that was what I had in the shed. I popped on the rear Tektro 926AL mini v-brake, serviced the headset (34 teeny ball bearings in each bearing, but at least you can get it all apart and do it properly) and put in a budget carbon seat post plus budget plastic mesh saddle which is also quite light. Also pictured are budget carbon tri bars (stupid light) Truvativ 32mm stem (it's a long top tube frame meant for straight bars) Sturmey Archer 16T 3/32" freewheel, spokes for rear wheel and front wheel complete with DH-3N80 dynohub which was already built for another bike. That hub is the most expensive component by far, I think I paid £72 two years ago. The frame was £40 and the forks were £30, the bars were £27.
Need to wait for the paint on the forks to harden before finishing the build, also waiting on delivery of the aero brake levers, but can get on with building the rear wheel in the meantime. The Formula hub is 110OLN but with a decent length axle so just a case of spacing it out to fit the 120mm droputs.