The best you can hope for is scraping down for the original paint color since most backyard jobs were just spray or brush jobs over the paint. Looks to have been blue.
I believe these were all low equipped bikes and I don't think a tank was ever even produced for the frame. I'd need a better picture but the fork doesn't look original. This frame is often referred to as a double bar roadster. Though, Schwinn, Colson, and Snyder all had frames that were quite similar, this is a CWC bike.