Crawlin' up, flyin' down
Join Date: Jan 2006
Location: Democratic Peoples' Republic of Berkeley
Bikes: 1967 Paramount, 1982-ish Ron Cooper,1986 De Rosa Professional, 1978 Eisentraut "A," 1961 BianchiCompetizione, 1994 Trek 520, 199? Burley Bossa Nova, early-1970s Cinelli Speciale Corsa
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Everything Scooper says is correct. For collector purposes, keep looking.
If you want it as a regular rider, though, I'd jump on it if it fits you. If I didn't already have a 25" 1967 of the same model, I'd jump on it. (Personally, I'd rather not have the late 1970's graphics - I'd much rather have the period-correct 1961 graphics or the late 196's-early 1970's graphics. YMMV.) I paid in the neighborhood of $400 (including shipping) for my frame, fork and Campy headset (same as the eBay listing is) six or seven years ago and I have never regretted the purchase for one second.
FWIW, mine was yellow, and somebody had spilled bleach or something on it so it had white-ish splotches on the head tube (not the head badge, thank goodness). I had it repainted (charcoal gray - definitely not a Schwinn-approved color, but it looks great)and redecalled, and had bottle cage holders, new brake cable guides, a pump peg and BB cable routers brazed on. I also had the rear end spread to 130 so I could run modern drivetrains. Purists may hate me, but the bike is a rider, not a musuem piece, and I ride it. And I like it. A lot. It is all-day comfy and more agile than the geometry would lead you to believe. Be prepared for a fair amouont of "whip" in the BB, though - this is not the frame for you if you want to stand up and sprint hard for county line signs on a regular basis. (I'm not talking about racing-geometry Paramounts here, so no flames, please - this comment is aimed at this particular frame based on the attributes of my same-sized Paramount that has very similar geometry.)
I say go for it.
"I'm in shape -- round is a shape." Andy Rooney