Which bike to buy? Fix it, repair it, how do I do it, what's the best part to use, and now: how do I get there?

[key lime]

I'm building a bike for a friend.

So far we've looked at a Bianchi Limited, early 80s - $250 firm (crotchety old grump)
Tomorrow we're lookin at a Nishiki International (ugh, w/27"wheels). I'm assuming it's from the mid 80s when they were nicer - one of the really pretty ones - $210
(i already have proper dual-pivot long reach brakes for the 700c conversion if need be)

Assuming both frames are in pristine condition and we're building up from the frame alone, which would you buy?

[AndrewW]

[Milx]

Hmmm. I was expecting it to translate to "Schwinn" but this somehow makes sense.
<img src="http://i272.photobucket.com/albums/jj169/milx_123/hmmm.jpg">

[key lime]

[key lime]