Re: can anyone help me id this bike?
I don't think it's a Schwinn, although the seat looks like ones found on Schwinn middleweights from the 1960's. The smaller rack fits on the front and was for books and such. I sometimes use a shorty like that on the back (modified) if I need to mount a behind the seat gas tank. Those are sturdy racks. I doubt it's worth a lot of money and would feel free to do whatever you want with it. I think it wants a motor. Nice find.
Someday when I grow up I will probably lose interest in toys with wheels, but until then...