1920's child's racer made by the Fay Mfg. Co. in Elyria, Ohio.
pros:
no one else would have one, and it's a perfect project if you're a masochist, you like wasting money, and you're 4 feet tall.
stripping and painting it is easy because it's so small, it only takes about a half a can.
if you have a young son or a little brother, they can ride around with you, and when they fall down and get hurt, the bike's small enough to fit in the ambulance.
cons
frame is too small for a motor, but with some modification, like a slant head and cut down motor mounts, it would fit. you might have to take the motor off to change the spark plug, but that's no big deal.
the rims aren't clinchers, so you'll need to find some 1920's tubular tires (discontinued) or some BMX sew-ups (also discontinued) and glue some new one's on.
or you could get new rims and tires.
the chain is an inch-pitch block chain (discontinued, super rare on ebay) so when you get new rims, you might as well get a new front chainwheel and a modern chain. while your at it, get some new one piece cranks, because the old ones are 2 piece cottered cranks (you guessed it, discontinued.)
the handlebars are really cool, and would make awesome upside down boardtracker bars, but they're 1/2" diameter, so you'd need a 1/2" throttle tube (never made, so technically not discontinued,) custom made levers, and some tricycle grips.
the head tube is 3 1/2" long, so a fork upgrade is possible if you have a welder and thread dies.
also, the fork doesn't have slots for your wheel to slide out, it just has holes, so the cones and bearings of your new wheels have to be assembled inside the fork. this is an awesome experience that no one should pass up.
the length of the top tube is 14", and the stock half gallon tank is like 11 and a half inches, so there's plenty of no room to not rub your legs on when you pedal. an under-frame tank would be awesome, but it would be 3 inches long. a modified beer can tank would look sweet.
all in all, i highly recommend you not going anywhere near a project like this.