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I like the vintage spanner.
If you could find (or make) a suitable washer to go between the chainring and the crank, you may be able to get the less worn teeth to take more pressure (thus relieving the worn ones).
From a racing man's perspective a coaster brake would be hopeless because in the event of a puncture it would take forever to get the back wheel out (torque arm!).
Wear on the chain ring was a concern, but I think it's still got life left in it. It definitely was a consideration though.
Graham sent these photos today. He heated it with the oxy acetylene and gave it a smart tape and the lock ring came off easily. He was surprised how clean the threads were.
Photos from Graham by Mike, on Flickr
Photos from Graham by Mike, on Flickr
Those track frame dropouts make me think the same about this coaster hub. The Rigida rims definitely have an age to them though, and are probably contemporary to the bike. Long term goals are to get a set of wood rims made up though.