• Unscrew the track cog, replace it with a singlespeed freewheel with same number of teeth. It wouldn't detract from the value - just pop the original cog back on if you wanna sell it.

    Unless by 'road wheel' you mean 'fixed hub wheel' (the wheel that you've already got is a road wheel). In which case, just get a proper fixed-hub rear wheel and put the cog on it. Then if you wanna sell it, swap the original wheel back on.

    Unless I'm missing something in your post, that's all you need to do. You need two brakes if singlespeed though, and there's no way of fitting them to that frame, so it'd have to be a clip-on front brake (and I don't think you can get clip-on rear brakes so you'll have to run fixed-gear to be legal and safe... unless you build a rear wheel with a drum or coaster brake)

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