1939 road racer

I picked this up the other day, and from what I can tell it is a '39 road racer.  It's pretty rough, but looks mostly original and was all there except for the headbadge, seat post bolt and chain.  I think the stem may have been changed at some point, and maybe the rims.  They are marked 28" Canadian Size on them but are wearing 27 x 1 1/4 tires.  I put a chain, seat post bolt and pumped up the tires for a couple pictures.  I've been looking for something similar for myself to ride ever since my Dad gave me Bobby Bentley's old bike and think this will fit quite nicely.   I'm not sure what direction to go with this one.  At the very least I will get it in rideable condition.  I have a few other projects, but this may get bumped up on the priority list over the winter.

Erik