I had a Coaster 3 for a bit - looked essentially like the OP's bike in question. You can get out of the saddle if you grip the bars closer to the stem. There's plenty of bar there ahead of the grips, so it wasn't a problem for me. Or better yet, swap bars to something with less pullback. A set of 5" tall riser bars like some of the BMX strandie builds have were a nice addition which smacked some of the wannabe paperboy look off the thing. Got mine cheap in black from Sunlite.
In the end, the Electra wasn't old, it wasn't light (OK, it was lighter than my Silver King, but that's not saying much), it had fat tubes (not my taste). It was also too closely related to Trek, so there's that big box stigma. I think mine was the last year or two before Trek acquired Electra, but most think of them all as a Trek product. I got it because I was curious about the foot forward geometry, and it was cheap since it wasn't engaging first gear (just needed an adjustment to the Nexus cable tension). I rode it over a winter, and sold it when I downsized my fleet. Once I got it shifting right, it gave me zero trouble. Ride it, if you like it, what's $100?