I know nothing about the actual frame, but it could make a very nice conversion. First, make sure it fits. Second, figure out whether it has horizontal dropouts. If those two things are good, then, you must see it in person to see if the parts are good (look at things like cranks, bottom bracket, headset, wheels. see if things turn smoothly). If the parts are all good, it could definitely be worth $110. Throw a new back wheel with a track hub on, and you're all set.

Keep in mind, its JC Penny bike, so its probably going to be heavy as what, but you're probably not too concerned with weight. Its definitely a cute old-school frame and looks well-maintained.