1938-39 to place a value is really dependant on how much your in love with it, restoring it if your not doing it yourself would probabely cost more than what someone would spend. I would give it a oxalic acid bath see how much original paint remains. The seats look to require either replacing or restoring there alone is $500 paint by a qualified hobbist from $500-$1500 depending upon whom and quality so using the medium of $1000, pedals/grips $400 and chrome another $2-300, tires and relace of spokes another $200. I think a good number to restore it is $2500.00 The starting as is value is $600-850. I have had many over years one original i bought and sold three times never fetching more than $1850 and it was a grade 8. The problem with these tandems is they are too large to ship and hard to transport to and from rides/events which make them a hard sell. I have never really seen one bring more than my estimate to restore it. It is worthy of saving if you and some gorgeous lady will really ride it, other than that the parts particularly the steering parts and guards might bring you what i estimate the current as is value.
Just being honest about how it works do what makes you happy if I was close since i love colsons and really have been thinking about getting a tandem i would make you an offer but rather spend the $1850 and get a really clean original.
The hobbiest here might differ with my estimate but unlikely to kick more than I have estimated for the bike as is or restored. Its a beauty anyway you decide to go.