Is the Worldsport friction shifting? If it is, then it is an older bike. I have a Schwinn Traveler with 7 speed index rear and a double up front = 14 speed. I bought this bike used about a month ago to fix up and ride during days it may rain and this winter, kind of a back up bike. There is nothing wrong with a Schwinn, other than it is a bit heavy - about 4lbs more than my main road bike. Four pounds is nothing to me since I'm overweight by a lot more than that.
Use the Schwinn as a backup and get a new one. I would wait a bit more, and watch for sales. If I were in the market for a bike, I would get a Raleigh Professional w/Shimano Ultegra $1,095 or other steel bike from
www.gvhbikes.com. Ultegra is more than you will ever need and for a grand, that's a great deal. Otherwise I would pick up a used Lemond 853 steel bike like a Zurich.
My main bike is a cyclocross / light touring bike - that way I can use it more multiple purposes - cyclocross, touring or road - depending on the tires I put on and can add a rear rack for light touring. I can go up to a 38mm tire I believe. I currently have 25mm and ride on the road only. I did have 35mm and was on pavement as well as rail trails and dirt roads.
Do some research about bikes - you'll see that steel is real and is coming back in favor over alum, carbon is hot but I don't know how long it will hold up for a heavier guy like me, where steel and Ti will last forever. My main bike is Ti, the Schwinn is Steel (Cro-mo). Also think about what you want to do with the bike and how many bikes you can have. I wanted a bike that can do different things, that is why I bought a multi-purpose bike as my main bike.
Mark
'03 Litespeed Blue-Ridge
'01 Gary Fisher Tassajara
'93 Schwinn Traveler