Too bad about the bottom bracket, but there are plenty more Varsity's, Continental's and Suburban's out there.
Nice Varsity @
Murray Missile . It looks like my comments above were preaching to the choir. I like the fenders on your Big Bird. The wingnuts are a nice touch on a bike of that time.
It is funny that I was not a fan of Schwinn's yellow until I got a Varsity like your blue Varsity above, but in yellow. Well the yellow doesn't look so good when it's dirty and banged up and has rust spots. But when I painted the chainstay, I realized that when it is in good condition, it looks great.
I haven't started on my Varsity yet because I'm busy with other things in my life now, and I need a concept. I'm thinking Sidewinder like. But we'll see.