40’s Schwinn DX klunker Build?

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Had some time to clean the chain up that came on the Hercules Pegasus, Sachs 415 it had a thick layer of axle grease smattered on it. Can anyone tell me if it’ll play nice with most cranksets ie. TA or Stronglight? So cool that it was made in West Germany
 
So another twist to the build. I was always a little bothered that the frame is a 24" and not a full size frame. I just happened across these and ended up purchasing the pile for $40. They are listed as 50's model Schwinn Bikes but from my little bit of knowledge the rear drop out from the larger frame may indicate an older vintage. I won't have them in hand until late next week but figured I'd post up the one image that I have of them. So my thoughts are to proceed with the klunker build but with the larger frame that I hope someone can put a model name to for me and use the 24" to create a board track racer type bike. The small frame may end up as a wall hanger or future project. New Schwinn.jpg
 
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Well Huffman frame is in hand as is the child's Schwinn. Not quite what I was wishing for in terms of condition regarding the Huffman. I think I will either try brazing of find someone that can to address the problem areas. Your expertise in this will be helpful.
 
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