Yeah but no, the light was replaced, Issued original was same color as frame.
Yet, most interesting here is that, there are no catilogs with a 54 Hornet deluxe and even more importantly the Springer to match frame. All known Deluxe Hornets have the 1955 'New Style' Springer and yet you have an Old Style on it: Pre-1955.
Your pin stripes should verify whether it's real or something mixed together B/C Deluxe were 2 colored. (In some circles, white, black and clear are not considered colors) Pin stripes would be a light shade of blue and the primary blue is Opalescent blue. It's not Metallic blue yet,, due to the layers Schwinn put on them, it's metallic looking. However, It's 1950's 'Candy' painted Opal blue.. . Other than the obvious difference on your rack, They look correct in your photos but, can you do better?
The first model issued, {not 'Thee" 1st bike} The first run of the newly designed Deluxe Hornet? You may find the serial numbers dating mid summer of 1954 too December 54.
Can U post a good clear photo of chain guard, tank and side view of the head post area that U can see all of secondary colors? Is frame white and blue or light blue and blue?