A few tips....
Q1. is the 16 tooth cog in the back that i have going to okay, or do i have to worry about the ramps?
A1. It is usable, but the ramps will tend to unhook the chain when pressure is applied. Try to get a non ramped gear at your LBS for a few dollars from their parts bin.
Q2. is setting up the singleator easy enough (the directions make i seem so.) is there ANY chance i won't need to use the singleator? (of course i have vertical or semi-vert dropouts, not horizontal.)
A2. Setting up a singleator is pretty straight forward. Use the upward position for a tad more tension. If you can find the right combination of front chain ring and rear cog, you might be able to get away with out a singleator. Measure the chain stay and find one of the popular gear inch charts. The info on the gear inch website will help to clue you in on usable combos.
Q3. my LBS tells me they have a 23 and 3/4 inch alloy riser called the "dimension" that sells for $16 . . . has anyone heard of this handlebar? i know i'll want something wider than the flat bar i'm currently running and i can't really say weight is an issue (it is, but cost is much more of an issue.)
A3. Never heard of that brand, but that doesn't mean it would not work. You might like the mechanical advantage of a wider handlebar. When torqing up a hill, a wilder bar offers an advantage. Riser bars also help in heeping an upright riding position. This may make you more comfortible on your present bike. Flat bars are fine until you are ready to make a larger investment, or get more creative in building your next bike. Use what you have until it breaks. Check Ebay or MTBR ads for a decently priced bar.
Q4. am i likely to need a new chain, or should just cutting the slack out of my current one work?
A4. Depends on the wear of your current chain. It is best to change your front chain ring, rear cog and chain at the same time if all three components are worn out. Letting one of the three go for too long will affect the life span of the other two. I usually change out the chain every 500 to 1000 miles or sooner depending on the type of riding or the stretch factor. If the chain stretches too much, it can prematurely wear out the gears. Chains are cheaper that gears most of the time. Cutting out the slack of your current chain if it is in good running order would be fine. You will know when the chain is stretched too far. You will start to slip on a gear.
Q5. i know lots of guys have experience with the conversion so if there are any secrets or hidden mishaps i might avoid, i'd love to hear about it
A5. Read the FAQ area of this board. The authors did a fantastic job assembling information and the conversion will be pretty easy. My only secret would be chain line. If it is off, the chain will have a tendency to slip off. This will probably frustrate you to a very high level and discouragement will set in. Take the time to make sure everything is lined up correctly. If in doubt, buy someone who knows what they are doing a few brews and see if they will help you out.
Best of luck on your conversion. Please excuse me if I messed up on any of the questions, maybe someone can correct me if I am wrong or provide additional insight.
-JS-