For a guy who likes a hardtail, that looks like a great starting point. 1 1/8 headset? If so, fork upgrades can be done to nice stuff. Hard to bead a good cromo frame. Looks like the fork was already upgraded once. On ebay I found a guy that sold me a huge bag of aluminum steer tube spacers for cheap. Tall handlebars are nice on a commuter, but two stems is kinda funky looking. And the headset won't be easy to clamp down properly with the cap not pressing down on the stem and spacer assembly. At least shove the star nut further in and cut off the excess steer tube to about 1/8" shorter than the stem.