The chrome on Schwinn bikes of that era is amazing stuff and hard to kill. Spray the chrome surfaces, wheels, chain guard, etc., with a generous dose of WD 40, wait a few seconds and then scrub them with a brass scotch pad or wad of aluminum foil. I've brought back wheels and chain guards most people would have thrown in the trash. You will be amazed how nice it cleans up.

I suspect you could replace the cables, brake pads and tires (if they're trash) and have a nice riding old bike for $30 or so invested. A good washing and a generous application of car wax will make the paint look reasonable.

If you have the skills, I would recommend regreasing all the bearings, including headset, bottom bracket and wheels.

In good riding condition with fair paint they're only worth around $100, so I wouldn't spend any real money, if it were mine.

Or, post it for sale on Craigslist. I bet you could sell it in a day or two for $30-$40 as is.....