I'd say $60.00 might be a bit high but it really depends on the condition of the parts that are there, if the paint and chrome are good then $60.00 is about as high as I'd go.
Odds are the wheels are fine but heavy, tires can be had for as little as $10.00 each if you go cheap but the big question is who will do the work? If you have to pay someone to do it you might spend quite a bit getting it rideable.
It could certainly be upgraded but no matter what you do the frame is still going to be quite heavy, on the plus side those old Schwinn frames are bulletproof so they really last forever.