I agree that this bike looks like a conversion, certainly not a track frame. I have the very same bike in blue. It is a bit larger and has Schwinn stainless steel rims with a Schwinn high flange single speed freewheel hub in the rear. Same Schwinn New World decal on the downtube. It has upright bars and the same head tube badge. Far from a lightweight it was featured in a Schwinn book that I helped along by donating photos and advertisement images. I was thinking of selling mine for a lot less than the current bid on this one but mine does not have the wooden rims.
Ray Homiski
Elizabeth, NJ