SVX would be fine on that frame if you've got it lying around. The only sacrilege would be painting it matt black and turning it all "fixie".
Give those brakes a go - I've been amazed at how stuff comes up with an hour or so of hard work with Brillo pads on steel, autosol on alu and a good de-greaser. Are the crank threads fubarred or is the finish just very worn?
It should make a very useful bike if the frame is basically sound.
Crank was overtightend - the spider was cracked.
It's in the bin!
'FIXIE' ? W T F's one o' them, then?
Would you have a car with one gear ratio? No. You'd knacker the crankshaft. My knees are my crankshaft . . .