$30 project bike. Any ideas?

[Vonnegut]

Thanks for the input. Took it apart today and found the following, head tube was white, white paint fades on an angle with topside of the top bar and bottom side of bottom bar having the most with none on center bar, front fender was stripped bare before repaint, rear fender was same green as bike, fork was blue doesn't look Schwinn, gooseneck is marked safe ht on one 85 on the other, rims are generic straight wall steal rims with Mexico 70 Bendix rear hub. Found the serial number also:

 

[GTs58]

The serial number was stamped 9-1 to 9-3-1953.
Only straight bar frame models then were the Panthers and the Hornets. The Panthers were two tone Blue, Red, Green with chrome fenders and tank along with all the goodies. Hornets had some goodies and a fender light so the front fender would have holes for the lights. I'm thinking you have a stripped down Hornet the was totally rebuilt with incorrect parts. Good piece for a custom build or rat.