You can get a BB converter to go from the cup and cone style BB that you have with a one piece crank to fit the kit BB here:
FMF PowerMoto Alloy Bottom Bracket Conversion Kit: FMF BMX Racing Bicycle Products
Seeing as how you will be getting a new BB and cranks that is all you will need extra.
Be forewarned though that the old cottered cranks like on that yellow bike may not convert as the threading for the mtb style BB that comes with the Happy Shaft kit the boys are doing has I believe a different thread.
Ghost0, I never got a chance to get up on the hill this week to check this out but we need to get together soon! Bob, down at Ft. Fraser........