To each their own and I don't know if you've seen one of their bikes in person, but their bikes are the highest quality beach cruisers I've seen yet. The style may be what you're referring to, and of course that's subjective.
Correct- '64 Cadillac Miller-Meteor hearse that carried Kennedy's body to the plane in Dallas. I had to actually break out my book "Barris Kustoms of the 1950s" book to get the lowdown on your pic. I knew it was a Barris car. It would be tough to guess what it was made from by looking at it for...
I would give it back to your friend and not do anything to it yet. He could still get you for receiving stolen goods until it is returned to him. It wouldn't seem right anyway to keep it unless your friend said you could have it.
I've got one o'these http://www.amazon.com/Cannondale-Head-W ... B000N9847Y and the chain breakerin it worked well for me yesterday. Fits nicely in a bike tool bag. Made to fit in a Lefty shock.