Have one, did it, LOVE IT.
Bought it as a striped (mostly) frame. Put a single speed freewheel on an old 27" wheel and re-dished it, townie bars in the 21.1 SA stem (the Schwinn Approved version of 7/8"). You can use the front inner ring (39t), just unbolt the outer ring, or any one piece sprocket will do (42t Wald), I think Redline makes a spider for a one piece crank. 1/2" BMX peddles.
Yes the crank and kick stand add a pound or two, but this is not heavy like a Suburban or Varsity. The bottom bracket is lower than on a "modern" bike, you will touch down the inside peddle on a turn (so learn to keep the inside up), but my 26" frame sits lower than most 25" frames. And the Schwinn one piece crank is bomb proof. The kick stand is... handy?
Sorry, not very coherent, lets try... ME LIKE!

Anything I can do, let me know. Now DO IT, DO IT NOW!