Have you found a serial number on the bottom bracket? Could be 30s or earlier with that chain ring, are those flat fender braces? That looks like it would make a nice rider. Any sign of original paint under the layers?
That chain may be useable with some cleaning. There are lots of methods involving many forms of magic, voodoo, mixed with kitchen and garage cleaning products. One I can vouch for is soaking a frozen chain for a week or two in heavy weight gear oil, 75-90wt. The stuff has a pretty distinct odor, like a sealed up gym locker fun of unwashed socks from the 70s but it works.
Simple green soak can clean a lot of gunk and might even remove some of that paint. Beware of soaking in too strong a solution in case there is any original finish on the chain. Here's an old thread on chain cleaning with plenty of ideas. https://thecabe.com/forum/threads/reviving-old-chain-part-2.25555/#post-132737