If this is your first vintage bike, it will give you lots of opportunity to learn the basic overhauling skills like tearing down, cleaning and repacking all bearing surfaces (both wheels, headset and bottom bracket), clean and re-lube the chain, how to overhaul a coaster brake [not as hard as it sounds], reguvenating dead, tired paint, and getting it back in riding condition. Unfortunately, this learning experience is the most valuable part of this bike. It is a basic, girls entry level (no light or rear carrier and VERY basic saddle in pretty rough shape) bike that is nothing special. Hard facts, dude...we've all been there.
I would not put another dime into it, because you will never get any value out of it-sad but true....
That being said, I would be very careful using OG tires and tubes. While they look nice, they WILL fail on you with an inopportune blowout, just because they're old. Tires and tubes will set you back $60-75.
Collecting, restoring and riding old bikes is a very fun hobby, but do your homework on what era, style and manufacturer is calling your name. Be patient, get educated and buy the best condition bike you can afford.
Oh....and ditch the rack