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@ianjchip
I've converted a couple of frames into fixies over the years. My two pence worth is
buy new quality wheels, new bottom bracket, headset and pedals. Anything else can/should be 2nd hand. It is not worth spending a lot on something which ultimately is only a hack bike.
Don't bother re spraying a frame (unless it is something worthwhile) Buy a bottle of Artist's Linseed Oil and coat the frame liberally with It - preserves the frame.