Any Idea What This Is?

I'm no expert on antique or rare classic bicycles (although I'm old enough to be), but I certainly doubt that thing is older than the 70's. It pretty much looks like the old Chicken Power front drive engine kit, if I'm not mistaken.......please correct me if I'm wrong.:-||
 
It does look 60s-70s ish rather than from the 40's. I've been lurking on craiglist nonstop, while hoping my stolen bike makes a return. I thought this one was curious. Good action overall.
 
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