(See Schwinn Timeline.) Schwinn today is part of Pacific Cycle.
While Schwinn often had a reputation for building heavy bikes for kids, the Paramount line had a reputation for finely crafted, relatively light road bikes.
The seat tube height is 22 inches and seems to fit me well. I had to replace the front tire and tube and adjust the handle bars and seat.
I gave it a good cleaning and sprayed Tri-Flow lubricant on the chain and other external moving parts.
Unfortunately, a cruiser is an efficient design for a bike whether on or off the road. Besides being fun and great exercise, they use no gasoline, do not contribute to global warming and do not pollute.