If its got two wheels, I'll ride it. Over the years I've built a fixie from an old steel road frame using a track crank and bottom bracket, and to sort the aforementioned alignment issues with the 1/8 chain, I ran the front chain ring on the inside of the spider instead of the outer. Full of success I hacked a decent hardtail mtb into a single speed, using a 3/32 chain and the original front chain ring, and an original single sproket at the back (split out of the 9spd cassette), using spacers out of old cassettes to get the chain line right. It ran Ok for a season or so, but as the chain wore it tended to throw off, and I got bored of putting it back on halfway round a trail. The point being, it can be done, but unless you run 1/8 chain and SS rings and sprockets, or a jockey wheel, it'll probably be a pain to live with. In essence It'll be easier to build, and it'll run for longer if you do it properly...