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@DFP
I would personally leave that bike exactly as it is, a sentimental twee 5 speed with cotter cranks and all!
One of the principles/philosophies of the fixed gear/SS mentality is the idea of no fuss.
Gears usually cost a lot , get worn out and stop working regularly.
These old five speeds with non-index shifters are wholesome reliable simple bikes.
Which have the same jump on & go factor as well as retro lovability as popular steel track bikes etc ..
It rideable as is right? leave it be. It looks well spindly, far from a robust racey street bike. so just keep it as a relaxed sentimental rider.
And find another sportier frame at a car boot/jumble etc to use as a base for your new fixed build.
Itll only cost you £10 at the most, (less than a tyre) and is well worth the opportunity to have a separate fixed gear project to build up.