Oh yeah, those are a blast. The lady's frames aren't worth a lot of money but it doesn't look like you'll need to spend anything other than time. Those don't really take too much time either. The rear hub is a big gooey mess but kinda interesting how they work and nothing the average Joe can't handle.
Nice that it has a tank. I don't know why, they just seem to make a bike better.
I'll wager it's a 1950. Is it a 26" or a 24"?
That saddle is a thing of beauty.