+1 Amazingly, there was a step through Paramount. I'd check it out just in case.
Here's a catalog example of one:
http://www.trfindley.com/flschwinn_1...0/1974_20.html
I can see a lot of differences between the one above and the catalog. First, the drop bar does not have a curve on it in the catalog. But I have never seen one in person, and I am surely not a Paramount expert.
I'd probably drive regardless, just because of the chrome lugs, fully expecting it to be a waste of time. But you never know. Even it is in not a Schwinn, it could be something interesting.
Here's another scan, saying the 1973 was the first year. So I think the Paramount is out. Still interesting. OK, I see there was a ladies Paramount back in the 1961 catalog as well. No picture unfortunately. Time to go look!
http://www.trfindley.com/flschwinn_1...0/1973_18.html
I think I see chrome stays. Drive!
Is the German Shepard included? I'd pick him up too!