I'll concede that the seller is a little mixed up when it comes to Schwinn history, but I'd pay $1000 in a heartbeat for that frameset if it were a 24 inch frame.

In the mid-fifties, I believe Schwinn offered Paramounts in a choice of Accles & Pollack tubing or Reynolds 531 (both seamless drawn double-butted tubing), so I don't think the "Chrome Molybdenum" decal is correct (although I could be mistaken).