From the headbadge, its early 70's. By the chrome stays, it could very well be a paramount. I can't read what it says on the down tube, but if it IS a Paramount, there is no way question what you should do with it.

clean it up a bit, keep it as original as posible and sell it to a collector. Paramounts were top of the line hand made bikes . all Reynolds 531. You'll get a bunch of money for it which you can then use to build yourself a proper conversion with.

I'm going to see what the folks over in C&V say about this.

Tim