Usually you can "stretch" a bike by putting on a longer stem, but with a Schwinn that's not quite as easy since Schwinn stems are usually a funky size.

I'm no expert, but it's my understanding that the "World" in the name, like "Schwinn Approved" indicated that the bike was made in Asia. This link would suggest that yours was made by Giant in June 1981.

Schwinn Serial Numbers and Date Codes

It's certainly not from 1957 as the Schwinn Cruisers serial number lookup tool claims. It could be that the head badge was added some time later in the bike's history.