Try to aim less expensive car...Have you considered airbag?
Brake on front wheel can be somewhat dangerous (it didn't seem like it was dangerous when I was 12, but recently I've changed opinion). Why don't you make friction brake on rear wheel (somewhat like it was made in pioneers wagon) using the same cable (or construct a lever) and , if you want it fancy , it can be foot operated? It is a simple device.
Prep work on that frame is a matter of half an hour work (bike must be disassembled first). Some paint thinner for degrease it and fine sand paper afterward and you are good to spray (modern paints , especially acrylic ones stick to everything and anything , so you don't have to be Michelangelo). Of course , I understand that you're keen to ride it , but on a rainy day perhaps?