That looks awesome... reminds me of a jumbo version of my friend's bmx in the early 80's.. he had a black frame with red anodized parts, and I always dug the look of that bike.
It looks nice. I'm waiting on a '42 New World frame to show up from ebay so I can do kinda the same thing. Going for a 3 speed Klunker/Hybrid thing. Also bought a Rock Shox Jett fork to put on the front. Nice build and the red looks cool.
Sean