Don't know what you have there but it looks awesome. First, the fork is not original and it looks similar to some Tange forks I've seen. The bars probably aren't original either. The fact that they are color-matched to the frame leads me to believe someone took a bike and had it refinished, added the decals, etc.
According to what I've seen online on multiple forums, the Paramountain was made in 1987, possibly 86 also and sold as a frameset only. It was lugged and made in Greenville, MS. That according to Richard Schwinn. The other thing is Schwinn was sponsoring Ned Overend and had a model with Ned's signature on it. It featured the Schwinn family crest and your's obviously doesn't.
The bike made in MS had Tange Prestige tubing and a reinforced unicrown fork with braze-on's for roller cam or U-brakes.
So at the end of the day, hard to say what you have there. It sure it pretty though.
Try emailing Richard Schwinn at Waterford and send him pics. He'll be able to narrow it down. Maybe it was a one-off that they made?