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That spoke protector doesn't look like a Schwinn piece to me. You'll need a freewheel removal tool and that piece looks like it takes one larger than the FR-4 tool. Not sure if this is the right one or not.
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I don't normally mess with Schwinns that new so it could be correct. The ones on the 80-81 Cruiser 5's are different than yours and I've seen some of their later geared bikes that had the metal center and plastic outer type of spoke protectors. An old established bike shop should be able to remove the freewheel for you and for the reinstall you normally don't need a tool.
Cousin Chilidog:
Looks like the freewheel tool for that has 24 splines and a diameter of 30 mm. You'll find it labeled "Normandy" (like the freewheel) or "Maillard." The one in the photo is labeled "Bicycle Research." They are available. As GTs58 says, you may not need a tool to reinstall, but if you don't get the threads started just right, you won't be able to back it off without the tool. I would buy a tool; look at it as an opportunity to add to your inventory of tools.
Have fun
I'm pretty sure that's the CT-3 freewheel remover, and they're starting to get rare as fish beaks in the States. Like anything that becomes uncommon, the price goes up. I was fortunate to order one from a place in the UK for a reasonable sum.
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