The first important thing you need to sort out is what the dropouts are like. If they're vertical then you'll need a chain tensioner, if they're horizonal or angled then you should be fine. You could even get some new dropouts welded in.
After that you could choose either of the options you've mentioned, just make sure the hub is the right width and then be careful about picking the chainset. Track chainsets should see you right, will at hubjub will probably have what you want and charlie the bike monger is always a useful guy to speak to about singlespeeding things, as is Tim Sideways.
http://www.hubjub.co.uk/
http://www.charliethebikemonger.com/
http://www.sidewayscycles.com/