I'm just setting about a similar excercise, waiting for an ancient specialized frame I spotted on fleabay last week: 17", steel with those old style wrong way round horizontal Dropouts, needs a respray and I'll probably have a go at grinding off the cable stops…
Going back to basics so V brakes and a rigid fork (I quite fancy some Project 2's)….
I would have liked a mid-late 90's Kona frame (used to have one, actually quite miss it now) but I'll see how I get on with the speccy 95% of the kit should be transferable anyway…
Got some spare Hone cranks, spare pedals, and plenty of old cassette bits/SS kits to cannibalize…
got some spare bars, might need a stem, headset, seatpost, saddle and grips, oh and brakes,Only other thing I really need to sort are some lightish non disc wheels and I think I'm well on the way to having a new, old rat bike… bugger I need loads of stuff, time to start trading in the spare parts…