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1949 Shelby Cadillac info sought?

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That paint looks like a candy that Schwinn started to use in 1954. The red color it completely fades out. That bike might be later than a 49, try 1955.
 
It seems this Shelby is much like this S23 model from the 1949 catalog, but a different color and headbadge. Any thoughts?--
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I think you solved it. Your bike has been refurbished and repainted. The fenders sure look like they have Schwinn's B-6 paint details and they appear to be replacements.
 
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