I'm going to repeat what I said in my earlier post. Framebuilders like myself repainted frames all the time in the 70's and 80's and beyond. Frames would get chips in the paint and they would come in for a repaint. While in the shop, the frame would be checked for alignment and braze-ons removed and others added and then repainted to the customer's choice of color or colors. Often times the decals would be left off because that would be an added expense. The cost of obtaining the decals, and the time spent placing them properly in position and then spaying extra clear over them (probably with sanding in-between) could add simnifically to the cost and some owners did not care if their frame said Schwinn Paramount or not. I would guess when I was doing repaints, more left them off then wanted to pay to have the replaced again.

Now days if one is getting a wet repaint, the customer will likely want to have it restored to its original look. But in the old days a repaint was just keeping the frame alive and looking fresh. It is similar to getting a frame powder coated today. This frame in question looks exactly like it was painted with DuPont Imron (or its PPG equivalent). That is the kind of paint most of us builders/painters used. I'm guessing that owner at the time this frame came back in for a refresh, wanted to change brakes to use what was then cutting edge narrow tires. Centerpull brakes were completely out of fashion. To do that the rear brake bridge had to be taken out and replaced with another one lower down. And the fork would have to be changed so the distance from the brake hole to the center of the axle would match shorter reach brakes.

The dropout to stay and blade treatment and the seat stay caps look exactly like a Paramount to me. In the Midwest here Paramounts were plentiful (they were made in Chicago after all) and made great candidates to buy at a modest cost and get them altered to fit the latest components. That is why it now has 130 spacing. I wouldn't be surprised that if this frame could talk, it would tell us it has been back into a frame builders shop several times in its lifetime. I'm sure I've repainted dozens of them (I'm 100 miles east of Chicago). Although by 2000 I realized I hadn't seen any come in for awhile.