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Can anyone tell me what I have here ?

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yes I have them - I believe they work as well - the headlight lenses/bezels are bad, I do not have the tail light - small empty circle in the bottom of the rack....
 
Has the bike been refurbished already once before; and if so, would the one-half factor still apply?
You may be correct that this as an old time repaint. That said it looks to me this could be removed and save original paint. Regardless the cost to do a correct restoration e.g. paint, seat, chrome, rubber, cad, etc... will outweigh the finished value. V/r Shawn
 
Upon closer inspection, of the frame and the fenders, I don’t think it’s been repainted. It’s very thin and where it’s scratched through the metal there only looks to be one layer. The only spot where I see that it looks like more than one layer is where the serial number is at...
 
Its been repainted. Still a very nice bike. It might be worth trying to save any original paint that's hiding underneath, unless it was stripped.
 
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