Got my project

Seriously though, d14vd_h...

1. Driveside dropout. Get it in a vice, mark out how far you want to extend the slot. Drill hole first. Use a small pilot dril, then keep opening the hole out until it's the right diameter. Cut along existing slots to meet the hole you've drilled. round everything off with a small files and emery tape. Take it easy. Mark it out properly.
   
2. Keep the bars. Chop and flop.
   
3. Get a "Cross-top" or similar lever. A dual pivot brake would be good if you can get one cheap. It doesn't look like you'll need a long drop caliper which is good 'cos most of them look shite. I can vouch for that, I've an old conversion with an Alhonga caliper that works fine but won't win any beauty contests.
   
4. Cranks look serviceable. If the BB is not a sealed unit, take apart and pack with grease.
   
5. Get yourself a decent saddle.
   
6. Ride it until it's wrecked. Don't spend too much money on doing it up. Spend a resonable amount on decent rims, you can transfer them to another bike later.
   
   
   

Enjoy it.

Awesome man thanks...
dont have much access to workspace or tools cos of where i am had to leave it all in glasgow.
my plan was
charge spoon saddle
tidy up the frame as much as possible including sorting the dropout, think i will be file and emory paper only though and elbow grease!
new headset
stock bars flipped and chopped or are is white white grips or tape
goldfinger lever
front caliper if i can source dont know what im looking for though!?
need a seatpost bolt and quill for the stem
rebuild the crank greasing like a mad man
new toe straps in white or brown
wheels built by bricklane bikes in white or silver prob deep v
nice fresh bolts and grease everywhere thats necessary