Originally Posted by silverbear
I'd go with the 50's Schwinn. For one thing it is a good, well made frame. I've done a couple of builds with a frame just like that of the same vintage. The fenders can be brought back (heavier than anything you can buy today) and you even have a rear rack. I'd be tempted to mesh parts from the two bikes to make one nice motored bike. Take the handlebars, seat, seat post and springer fork from the red bike and the superior frame, chain guard and fenders from the Wasp. That would make a nice machine.
And then there is the whole nostalgia factor. Your dad bought it new. You rode it, too. In a sense it will feel like he's kind of looking over your shoulder as you build it and with you every time you fire it up for a ride. No doubt when he was young he saw a Whizzer and wished he had one. Maybe someday you'll have a son or daughter and will pass your dad's wasp along.
Whatever you do, share the build and keep the photos coming.
I was thinking somewhat along these ideas, just wasn't sure if I just wanted to do a restore or go the step further and motorize it.
As far as the better frame I would have to say it is the Schwinn for sure.