Thanks Pete, I'm not sure what I'm going to do yet, it's an old steel MTB I picked up from the tip, just because I liked the handlebars. It has horizontal rear drops, OLD of 126mm and no derailler hanger, the derailler was mounted via the axle. It was a 6 speed triple but I've been musing on what to do, I gave away the friction thumb shifters it had on it.
Was thinking I might do a fixed/SS 69er(26" rear and 700c front) out of it, whack on a 1" threadless headset and Xcheck forks. but it's not a bike I intend keeping it's only to practice my mad mechanics skillz!!!! It really comes down to whether I'd make my money back, or at least not lose too much on the deal. At the moment I get:-
frame - free
forks, headset, spacers and stem - £100
Midge dirt drop bars, v-brake drop levers, v-brakes bar tape and BB - £80
wheelset inc tyres etc - £200
chainset, pedals, chain and cog - £60
saddle and seatpost - £40
So I'm looking at £500, I could probably get that down a bit to maybe £350 with patience.