Thanks shop4man, I haven't decided what I want to do yet with that bike other than put some bars and a seat on it, and ride! Our weather has been warmer this week, and my morning commute has been much more enjoyable.
Fastfingaz,

Every Schwinn Corvette I have researched has had that style rack if it had been restored. This was also confirmed by the old timers at the local Schwinn store that the Corvettes came with that front rack from the mid 1950's to the late 1960's.