My name's Damon, I live on Lake Conroe, in Willis, TX (north of Houston). I'm pretty mechanically inclined, and love projects. Recently finished a turbo Miata build (and starting another), and been messing around with a few big Hondas (VFR750 daily, CBR900RR track project, and looking at a CBX).
I've been lurking here for a few weeks since we picked up the Spree (I call it the Skittle), and I LOVE the wikispreedia. I had planned out this build within 2hrs of knowing we were looking at one.
My mother had decided that she could use a little scooter to make logistics easier when I am borrowing her truck either to pick up parts, or drop daughter off at preschool. She lives in an RV park on the lake a few miles down the road, and can get all the way to town without ever seeing a 45mph+ speed limit sign.
I decided it made sense, and that I'd help. After putting the Miata back together, I was able to back it out of the garage and now have room for projects.
When we went shopping I wanted to see one really cheap scoot, and one good newer model at the low end of the price point that made a difference, and compare the options. It seemed that right at $1K was where you could find a lot of 2002 or newer name brand scoots with decent mileage like the Yamaha Zuma and Honda Ruckus, as well as a few Aprilias.
I narrowed it down to a $999 Zuma (2002), and a $500 Honda Spree (1985). The Spree was a chance find, but I knew they were classics.
So naturally, being the cheap * I am and a glutton for projects, I had to go check it out:

We show up, and I start noting the small things it needs: horn, dry-rotted tires, and a small leak from carb. The younger guy manages to get it started, but it keeps falling on it's face, and the battery eventually dies. So add a carb rebuild kit to the list, and a battery as a possibility. I'm sure a few others had looked at it and he kept draining it down. Either way, all easy fixes.
I wasn't able to test drive it, but it started easily with jumper cables. It would simply die when you went to twist throttle and drive off though.
Seller's dad had shown up a little before, when I'd already talked him down to $350. Dad could tell I was trying to bargain when he arrived, and asked the son in Spanish if I had $250. The son knew I understood because my wife just called to check on me and he heard me carrying on a conversation in Spanish.
So of course I hemmed and hawed until I got them down to the $250 I knew they'd take.
The look he gave his dad was priceless. But I really felt bad as we were loading it up and getting ready to drive off...I could tell he was mad.
Either way, we went from a $500 project, to a steal with an overall budget of $500...said and done.
Goal is to hit 45mph so my mom doesn't get run over on the country roads out here.
We ordered tires, rubber, carb rebuild kit, air filter, and head gasket, and I got to work.

I've already pulled the old tires and tubes off, and repainted the wheels the DupliColor Graphite wheel paint. Turned out decent. Plan to put new rubber on tonight and get it back on it's wheels.
I work in a big machine shop, and decked the head (.020") and modded the front pulley (.030") today. I'll probably port the intake while rebuilding the carb, but am debating what to do on the exhaust side. I'm not sure yet if I want to pull the jug. I did a port and polish Miata head and can handle the work, but didn't order piston rings or the crankcase gasket. Bike only has 649 original miles, but I still have qualms about "re-using" rings.
I'm also wading through all the different threads on modifying the exhaust. I'm not ready to fabricate anything, and don't want to just start drilling blindly. Either way I want this puppy to breath...I ordered a jet kit (Daytona) without reading too much on what stock sizes are, and was surprised to see that the SMALLEST jet in the kit is an 85. So I'm sure I'll have to do a little bit of modding to justify that thing, or being running way too rich. I may just shim the needle and keep the stock jetting. Plug had a -thick- cardboard color coating...much like what you see on the piston. I would have thought it was running lean after finding the PO had REMOVED the air filter...but it looked fine.

I've thought about the big bore kit, but will see if we can justify the cost.
GPS confirmed 30.2mph...so we've got a LONG way to go. The more I read the more discouraged I get, since I started out reading the pulley mod in the wikispreedia and saw that I'd "be able to hit 45+mph easily". Still going to push it either way.
I can't believe how excited I am over 49cc. Probably because I'm not paying for it, and just get to do the fun part, and it's something neat to do for my mom since I know she'll enjoy it.
My mother wants to use it, and gradually step up to a real bike. It will likely then go to my wife to get more comfortable riding, as we plan on going two up, with her possibly getting her own bike later.
Glad to be here.