Gonna change my mind on this, even though green is my preferred colour and 406 is lyf. Get the hubs of your choice laced to some 451 bmx race rims and pair it up with a nice modern brake, which I think will have to be long drop anyway?
I'd hazard a guess (though could be wrong) that even an extra long reach brake wouldn't reach the rim of a 406 If the fork on that blue bike is built for 451. In which case, you're looking at fitting some kind of adapter. Could be wrong 🤷🏽♂️