88' Cannondale conversion to single speed.

Hi I traded for this 88 criterion Cannondale

. As you can see, it's a little rough. And the handlebars just make me cringe. I have no one really to help me & down on funds. I'm not sure if I can handle the top gear on a single speed. Are there going to be any problems that I'm i am not seeing making this a fixed gear? I think it will be light enough 20lbs. Any ideas or advice will be greatly appreciated. Thank you Tracey.
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