It didn't work like that. B12 is a coincidence, and the Wasp is a balloon tired bike, the only one Schwinn still made in 1961. "B1" means February 1961, and B123734 had it's dropout stamped on February 9. See here:
https://thecabe.com/serial-numbers/schwinn-serial-numbers-1952-1969/
Nailing down what model is almost impossible as Schwinn used the same frames and forks for several models.
If you go through the catalog, it is possible to narrow it down, at least if you make some assumptions based on the Schwinn parts that are still present. It is probably not possible to narrow it down to one model though.
Here is a thought, Schiwnn had special frames and forks for bikes with caliper brakes. Both your frame and your fork are the "no caliper" version.
Now that might not mean that much with the frame, because if a rear caliper was not needed because someone ordered a coaster brake Schwinn could have used the "no caliper" frame, regardless of what "model" it was.
There is also a 90 degree bolt thingamabob made by Weinmann, who also made a bunch of Schwinn approved calipers that lets you put a caliper on a non-caliper frame, and Schwinn may have had those in their bag of tricks. I don't think they used them very often at the factory though, if at all.
So, the frame proves nothing, but it argues for a model that did not have a rear caliper.
Your fork is the one for no caliper. It is often referred to as "undrilled", but it is really a different forging to have enough meat to drill the hole. The blades of the "drilled" fork are longer too, and once you see that you can't miss it. That pretty much means if the fork is original, it was a model that came with no front caliper. The only way to get one would be to use the old Schwinn cantilever setup that clamps to the fork, and I feel pretty confident the factory didn't ever do that in 1961.
If the front fender is 1961, I believe it has to be Corvette to be stainless, but if it is Corvette, It would have not come with that non-caliper fork because Corvettes have front calipers. Furthermore, it would have had an L-bracket riveted on it to reach up to the caliper bolt, because the caliper-type fork is longer. Either the fender or the fork is wrong.
I am guessing the fender is wrong and it isn't a Corvette. The frame with no brake bridge and the chainguard with no chrome add a little support to that idea.
Corrections welcome.....