@wrk101, sure overhauling the ashtabula is cheaper, no question about it, my question was whether keeping the ashtabula is in fact, stronger/better than adapting the BB to a 3 piece crank. The seat post size is 25.6. Which would seem to indicate that its a cheap hi ten steel bike? Does that indicate what model and year schwinn it may be?
@redxj, thanks for your idea, however, I mentioned that the fork and stem were non-schwinn (Fuji fork, SE stem), probably added on later, so I couldn't be sure whether the original stem would be threadless or threaded. But your guess is probably a good one, a cheap schwinn track bike, I doubt the frame is vintage or classic, except that I'm not sure that model (Cutter) had ashtabula cranks. Which makes this a mystery to me. a recent schwinn track bike with an ashtabula crank is a little strange, but yes indicates it is no doubt a low end model.