Yes, a couple. The early ones are Sport Tourist type models like the earlier bikes. At some point in the 50s, there was also the deluxe "Five Star" lightweight model. As you gathered, they are fairly uncommon today. The 1940s bikes are more commonly found today.
I have also wondered this... I have researched a lot on schwinn lightweights and have many world travelers and awhile back came across the Columbia "lexington." This appears to be Columbia's answer to the traveler in the 50s or Schwinn echoed the Lexington (whichever came first). After searching further I still have not come across even a picture of one of these out there.
I saw a Five Star lightweight for sale maybe 2 or 3 years ago. It had a bent fork (and maybe frame?), and the seller wanted an insane price. The graphics on it are really quite something - large and sort of over-the-top compared to the more austere 1940s models. Looking at the frame, fork, and fenders you can tell you're looking at a Columbia lightweight (at least if you've seen the 1940s era bikes) but it's much more "dressed up". It had the generator set on the back, but the headlight was missing, if I recall. The seller was one of those people who thought he had struck gold because it was an old bike and he had seen pickers on TV.
I picked this up from the second owner and want to delve into it a bit....info. restoration. Im not sure if i want to keep it, sell it, possibly trade. does anybody know the approximate year? Serial number is I35968
It is a ladies, and slightly earlier, but a real nice looking lightweight.