I want a new road bike

I guess. I dunno. I bought my Cannondale road bike in 1994 because I just HADDA have a road bike and took what they had on sale (as it turns out, a 56cm frame) and I've finally come around to thinking it's a little on the big side for me. It's got about an inch of seatpost showing above the collar.

I keep thinking about those inexpensive SS road frames hanging in the Performance store (they ARE a "local bike shop"). But I'd need a headset, stem, fork, and, eventually, new wheels. But they also sell a built up SS for a paltry $299! But the frame is blue. Woah-- wait. What am I DOING? Wanting a cheap-ass bike? What happened to my dreams of a nice bike? Something custom? (Or at least custom-ish.)

But what the hell, I want to repaint Stumpy so it can be an AWESOME bike again so it's not really wise to be wanting to buy something else and put off paining Stumpy AGAIN. And what's wrong with my road bike right now? So what if it's a little big. Is that really REALLY a problem? Is the real problem the fact that it's only showing an inch of seatpost above the collar? Am I afraid of what others will think of me? Oh, I'm so vain.

Still... a nice steel road bike would be nice. Single speed free/fixed.