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Yeah, Im also interested how it will end up!
I have taking the bike apart, and it's in a surprisingly good condition under the gunk. The bottom bracket is kind of stuck but runs smoothly so I probably leave as is.Still no firm plans for the build. I think a ratty frame deserves shiny parts. That combined with some silly handle bars is probably where it is heading. Most likely single speed too.
Latest catch, a 90s Look 26" MTB.
Most likely will end up like a beater/pub bike thing.