eBay and Craigslist finds

Puch Pacemaker, unknown year. What are your opinions?
http://cgi.ebay.co.uk/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MEWAX:IT&item=180323890214

I am thinking of this one for my first Fixie project. I.e. do the thing they seem to do in America a lot where they start with a shit frame, get all new parts like pricey wheels etc, then move these things onto a nicer frame when you have some more cash.

How much would you spend on the Puch?
Can you think of any caveats when it comes to eventually move the new parts I am thinking of adding to this one onto a 'proper' racing frame at a later point?
There seems to be a wide range of Puch models, anyone knows anything about the 'Pacemaker'?

Hey man, I'm sellin this frame on the bay, I have the original 26 inch wheels and tyres too if you can pick up, i don't really fancy postin frame and wheels. I see you're the high bidder too, i don't reckon it'll go for much at all.