Don't forget the mad skills. Seriously, you are starting with the wrong primary ingredient if you want to end up with something like that black chopper. You have the base for something more along the lines of a vintage boardtracker.
I say give it a shot, who cares what anyone else thinks. Its YOUR bike have fun with it. Just be sure to keep a little bit of safety in mind and wear goggles.
The main problem that comes to my mind is that the frame is too narrow for wide tires. You can swap out lots of parts otherwise, but if you're stuck with skinny tires, you can't get that overall chopper look very effectively.
burrito's are great first builds and fun as heck to ride. (mine tend to look a little more chopperish)
all ya need is a bike cut in 1/2, a little gas pipe and an imagenation.