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@o.t.t.
Looks like it'd make a sturdy fixed gear, it does come down to personal preference but the Raleigh Pioneers are hybrid bikes, which wouldn't be my first choice for a conversion as they're more likely to have slacker geometry (think sit up and beg).
Buy, or build a 700c wheelset for it, and see how it goes, if the worst comes to the worst you can still use that wheelset on another frame.
Lastly, read this: http://www.sheldonbrown.com/fixed-conversion.html
...and if you come across a problem use google and forum searches.