One of our winter projects is to put this early Schwinn Paramount together. Randomly over the last year we had bought the frameset from one collector and the wheels at a swap meet. I had also bought a correct set of Paramount cranks and seat, and we had a handlebar and stem set for it. I can't wait to see it completed.
Update- we took a closer look and under the red spray paint, the frame is chrome plated! Pretty amazing!