1930's? Columbia restored project. What to do???

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So I picked this up from a friend who
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had lost interest in his restoration of it. I am a novice collector in the sport now about 5 years with about 20 vintage 1950's orignal paint bikes (mostly Schwinn). I have never had one this old and usually only buy stuff orignal condition. So thats my background. What the seller told me was he powder coated the frame and forks, nikeled everything else. He had the big nut for the cranks machined new since he did not have one (see pic). The sproket has a slight bend in it and rubs the frame with one tooth when spinning very lightly. And he got a seat post stuck in it, I have not tried to remove it yet. He actually restored a set of 26 inch wheels to put on it and then realized the cranks he had just had nikel plated were to long then. He believes it to be a 28 inch wheel bike from the 1930's but really had no idea. I am putting a pic of the 4 digit seriel number and maybe someone could help
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Straighten the sprocket, throw on a set of 26'' Brown fat franks on a set of wheels with a skiptooth rear cog, brooks leather seat, nice set of bars with brown leather grips and ride the heck out of it?
 
Great looking frame, powder coat greens look great.
I have been wondering if I was the only one who had that, "moment." The one where you realize, you may have built something you can't ride. Whether to valuable, to nice, to ugly, to much buck in the rodeo bike, whatever reason, you cannot, will not, ride it. Yup, I have been there, then lost my shirt on an old autocycle, I stopped screwing with old bikes.
If that is the way it is for you, I have no advice, other than, ride the tires off it!
 

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