I would be tempted to temporarily remove the chain guard then take the bike for a spin to see if the noise goes away, sounds different or is actually coming from some place other than the bottom bracket. If you are happy with the frame, you can always upgrade low end components as they break or wear out. The Sun Race freewheel may surprise you. I have a couple of them on vintage road bikes and they perform well and are actually quieter than entry level Shimano freewheels.
Merry Christmas and best of luck in working the kinks out of your new Electra.
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Don