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You can get converters for those, I was able to find one for an oversized (not BMX!) BB shell on my old Swedish Crescent. Mine was from here:
http://www.pyoratohtori.fi/index.html
Got this for thirty pounds. Described as a "barn find" but seems like a track sprinter found it first as the chain ring (or something) is bent and rubs against the chain stay.
I only paid to replace the rear tube so I'm not too far out of pocket. Weighing up my options. I'm guessing to replace the chain ring I will have to buy an angle grinder and grind down the bottom bracket to accept a modern bb, chain set, chain ring, etc.... Seems a bit onerous.
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