Ok so today I went and picked up 2 bikes from a nice fellow in West Covina named Amer who's bikes had been sitting in his garage for at least 10 years. He wanted $200 for the Cannondale and $80 for the KHS and I talked him down to $174 for both of them. I think I got a pretty good deal and I really like the Cannondale, but it may or may not be the best conversion bike because of the near vertical rear dropouts.
After picking up the bikes and buying some spokes, lights, a helmet and a pump at a bike shop Eagle Rock called Discount Cycles I headed over to the Bicycle Kitchen for my 7:00 wheel building class. Bicycle Kitchen is completely and totally awesome and the people who work there are really cool and down to earth. They taught me step by step how to build a wheel and I built 2 in about 4 hours.
I am really happy with my work although the front wheel still needs a bit of truing. I took a few breaks from tweaking spokes and nipples to take off all the parts from the Cannondale that I won't be needing anymore like the derailers, the rear brakes, all the cabling except for the front break and the old rusty chain. I also bought all the other parts I will need to finish the rebuild. I have scheduled rack time tomorrow and I will hopefully have a rideable bike some time in the afternoon. I'll take some photos of the finished product.