The Schwinn Approved rear rack is a perfect fit for Varsity owners, mounts to the seatpost binder bolt and is a bit sturdier than the classic Pletscher. Finding one at reasonable $ may be a bit time consuming but that's how we generally fitted Varsity/Continental w/ OEM kit "back when". The Wald folding baskets were/are useful, mounting one on the driveside was how most were installed.

Look for a Schwinn Approved bottle dynamo/generator set as well and you will be properly equipped.

-Bandera