I happen to have a giant soft spot for electro-forged Schwinns. If the paint is good, I really think you should get it, and shine up the chrome with a little steel wool. AND make it a fixed gear.

BUT I think you shouldn't sacrifice that cruiser look. Keep the cruiser bars, chain guard, dorky seat, fenders and rack. Just replace the back hub (so you can keep matching wheels).

You'll have the heaviest, cutest fixie ever. Maybe toss some toe clips on there.