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I bought one with a few less parts attached a few years ago off of eBay. It was advertised as a early Sting-Ray. I knew better and stuck a bid on it that ended up a winner. This one is a '52, but it is the same frame and size.
It will be interesting to see where you end up with yours!
Before and after shots:
Last summer I did find two 20" ballooner projects like this on that I haven't done anything with yet. The first is a Shelby 20" straight-bar (like a Donald Duck frame) and the other is a Western Flyer. I really like the factory paint and geometry of the Schwinn's though though for an early pig bike.
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