I'd keep the patina @
JLDickmon and protect it with boiled linseed oil or boiled linseed oil and was mixture.. I'd also keep that Bendix red stripe coaster brake. They are easy to service and one of the better coaster brakes. The one piece crank is easy to service as well. Get all the bearing cleaned and greased then ride it bunch and evaluate it. If you love it, keep an eye out for 26" wheeled mountain bike for the rims, and the front hub. Then relace the wheel wiht hte new mountain bike wheels.
If you find that it is not your cup of tea, sell it as a working bike. The guys at RatRodBikes would love something like this.
My dad had a Sears / Murray 3 speed bike that I endied up riding a lot. I thought that the frame was like a wet noodle, but it turned out it was the wheels with spokes that weren't tensioned enough or had loosened. This makes a big difference in the way the bike rides. This is one of the reasons that I mentioned looking out for aluminum alloy rims from a more modern moutain bike. I have a Schwinn Heavy Duti with allow rims, red band coaster brake and a King Sting fork and love the ride.
I'm looking forward to a ride report.