Actually, that's really nice. The black looks great with that decal set. I wouldn't call that a "beater". Interesting that your bb serial number actually drops into place alongside the Superior bb serials for 1949-50. Looks like they pulled your shell from the same bin as the Superior shells. It's too bad they aren't sequential numbers, but same neighborhood roughly. My guess is those cottered crank shells were stamped, went into the bin, and then pulled more or less at random.
My 49 is for sale, message me if interested!
thecabe.com
Any interest in a Continentals serial list for 1940s-50s Continentals? I have a blue one I need to photograph and get back on the road in the next week or so. Maybe a worthwhile project to do a list for these as well.