Having fooled with a few of these old timers, I have no doubt it would be rideable. I have ridden the heck out of a 1913 bike with original wood rims, and have ridden the 1902 chainless, again, no problems at all.

I hope you can get detailed photos and accurate measurements for the fancy paintwork and perhaps reproduce it, even if done via decals. If so, they would have to be water slide type.

Great find, cool bike, and I look forward to following your progress !

Joe