I give it a thumbs up!
As horsefarmer said, your choice of tires is large with those rims. Decimal sizes like 1.75 are very close to the original tires, but you could go a little wider and still have room for the fenders. No fenders? Then you could go as wide as 2.125, like I did on my Typhoon. With better tires, maybe high pressure, your bike will be much faster than the original set up. You could also put skinnier tires, like 26 x 1.50 to make it faster. With lighter rims and good tires, I could ride my old 53 Schwinn at 20+ mph, just for a short period though. I caught up with a road bike on a smooth bike trail and surprised the rider, he said he was going 22 mph.
For that price, that's a good deal for a complete 3 speed with coaster brake setup. If you go that route, I'd like to see how your bike looks.
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