FWIW, I just converted my Wayfarer today!
No cost spent (was going to get the frame done in black but thought a test would be wise), I just swapped the bars and stem to see how it feels in faux Path Racer trim. Whipped off the chain/mudguards and fitted metal pedals to finish off 'the look'. Unfortunately I've had to fit a c.70mm longer reach stem as I'm a lanky sod and even with my Brooks saddle pushed right back (as ever!) the bike still felt too short. Was a very interesting test ride in the wet with gale force winds (not counting mine post xmas feeding)!
Looks pretty cool (SR Custom stem notwithstanding) but I'm likely to go back to old roadster position I think!