Update - 24/01/2011
Progress on the project has been a little slow over Christmas but now that is out of the way I've made a start again.
My latest purchase is a VeloSolo 1/8" 44 tooth chain ring and a Shimano DXR 18 tooth sprocket.
This combo will give me a ratio of 64 inches which is a little smaller than I would have liked but it's a good starting point for my first venture on to single speeds. 80 - 90 rpm will equate to 15 - 19 m/ph. I can easily spin 100 rpm plus so I'm not too concerned about high cadence.
On order is a 1/8" Gold KMC chain and then all that remains is Grips, Tyres, Tubes and chain tensioner.