A classic american ride. Please say you're leaving the paint. I had a brown one when I was a kid. Plush ride. I think you can still find that Schwinn semi-transparent rubber/plastic bar tape, but you'll have to hunt. If it was mine, I'd try to restore it to the original glory, but fixed. There's plenty of vintage schwinn enthusiasts out there and forums on the subject. I bet they could help you.

Good find.