While the clearance (I'm guessing you are frame mounting) looks okay, the single speed/coaster brake is a minus (imho), and when you add up all the little things you'll need to bring this up to par (pedals, mirrors, heavy spokes on back, new tires, etc.), maybe you could find something in the $100-150 range which will get you the same look.
For instance, a brand new Schwinn Jaguar was on sale at Target for $129 just last week, and the tires alone are worth $25.