Dear Mr. Centurion:
Nice bike! I saw an article recently that said when you ask an epidemiologist* a question, the answer always starts with "It depends." Well, the answer to this question starts the same way. Are you planning to keep it? Sell it? Admire it? Ride it? The folks on this forum with an archeological view will encourage leaving it as original as practical. They are correct in that it's a way-one street; once you go rat rod, you can't go back. As an example of industrial design and a historical look into American society, the bike would be a wonderful exhibit. On the other hand, if you want to ride a 24-incher, you'll probably need to add a long or layback seat post and BMX or high rise handlebars. One could argue that this approach is also consistent with the history of bikes in America because there were always folks customizing and modifying their bikes to look cooler and/or go faster. Riding it also would pay homage to the design and manufacturing system that produced this bike and its kin. If you're planning on selling it, you're probably in the wrong business.
Have fun!
*until recently, who ever read anything about epidemiologists?