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@retrorider
Hi there i recently got into cycling and did similar to what your intending on doing. Having gone single speed and then brave enough to go Fixed last week but your probably going through dilemas i went through.
Firstly i'd say i'm no expert but i found most bike shops unhelpful and was only able to take snippets of useful information from them through questions but generally they did nt have a clue so it was like the blind leading the blind!!! None the less i got my first fixie sorted last week and i'm hooked now!!
Ok firstly you could get someone to redish your wheels as apparently its not the same for fixie and single speed wheels i got quoted between £70- £90 to do this which would keep the original 27 inch, but bare in mind 27 1 1/4 are very limited to the type of tyres you can get. They are not impossible to get but not anywhere near the choice you get with 700 wheels stocked at most bike shops especially if you looking at getting slicks prob the closest i got was semi slicks by michelin. and if your pimping your ride forget coloured bands, i have nt found one place yet.(so if anyone knows if this exists let me know)
You could try redishing and trueing yourself but having read up on it you'll be a brave man to give it a go and if you get it sorted i got a load a wheels you can do for me!!! Bike shops said this could be done in one to two days?? how true this is i dont know because i went for the by a second hand wheels set option. Scour ebay and this forum and you can pick up wheel sets or rear sprockets for cheapish without the hassle from bout £50-£130 depending on quality. New you can get a rear 700 for about 75 + 10-15 for a rear sprocket. Not cheap but your bigest outlay! There are conversion kits out there but i really wanted the simple no derailluer look which the kits seems to need and for about £35 quid too.
Bare in mind however your brakes are unlikey to reach as the arms will be too short, i took the rear brake off completely and have only a front one. Old centre pulls ( rears) will reach not sure bout side pulls though.
In terms of chains i did use my old one at first but then got my wrist slapped as was told it could damage the sprocket i had bought if it had'nt already so i bought a single speed KMC one for £6.99, they will try to sell you the BMX ones which are £12 ish upwards (up to you) and shortened it , it came with the snap on links which were very handy. Buy your self a chain tool so you can do this not to much and handy to have.
In terms of cranks, get yerself a crank tool to remove the crank and a deep socket set 15 mm bolt on mine and take the inner ring off, you may find that the crank arm and larger chainring are not able to be dismantled so you may have to scour around for a 2nd hand crank if your on a budget why not try your large chainring first?
Listen to the bottom bracket does it sound crusty and bits crushing around in it when you rotate the crank? if it doesnt its probably ok so why mess around with it? And if it is it could be bearing which dont cost more than £2-3 quid if they can be cleaned up and regreased. Its something you can do later if you want to upgrade, maybe just take it out and check and regrease if needed and refit. You will need to a large adjustable spanner for lock ring and perhaps the right bottom bracket tool so be warned if its old skool a hammer and screwdriver will do.
I found that you need to get yourself a decent tool kit as the most annoying thing was not having the right tools, allen keys, deep socket sets, bracket tools, crank tools and chain tool and not be scared to give it a go! just make sure you remember where all the nuts and bolts go and make sure you tighten the cranks sufficently when you get it all back together!!!!! I dont think it can be really done on a cheap cheap budget unless you get the art of wheel building down to a tee which is now my next mission but none the less its not brain surgery and whats the worst that can happen...your crank arms flying off in front of a speeding milkfloat!!! ONLY JOKING...i survived! Good luck bud