Sounds like a good plan. There's also the 2 speed kickback hubs, no cables needed. Or in the for sale section here is a NOS Bendix 2 speed with shifter and everything. That would look sweet on that 46 Schwinn.
I've actually already got a set of rims from my 62 Typhoon with a kickback 2 speed - sadly, the hub needs to be rebuilt. If I go to that trouble, I'll want to lace it into a new wheel.
And, I'm still debating whether to work on it or flip it to someone more dedicated to the era.