Yes it definitely has value! Don't just scrap it. Too bad this one doesn't have canti studs though, that would increase value more.
Should be able to sell the frame/fork/headset for at least $50 on craigslist. If you leave bits on like the seatpost, stem, bottom bracket, brakes, etc you will get a better response as potential buyers will not have to track down oddball parts (seatpost especially, as they come in a million different sizes.)
I got $90 for a later Schwinn Voyageur in a huge 25" frame size but that one was more of a true touring bike with the canti studs. I also included a seatpost, canti brakes, and bottom bracket.
Why "derailer" is the correct way to spell the gear-change mechanism: sheldonbrown.com/derailer.html
Thanks for the info and advice.
I don't suppose there is any chance you are between St. Louis and Topeka?
Sorry no. About 1 1/2 hours west of Philadelphia.