Fuck the basket. Get a messenger bag from timbuk2 or some shit. You want to keep this as light as possible, because with an old Schwinn the bitch is already like 100 lbs of steel.
Mine is a '69 Scwhinn Racer in sparkly red, found mint condition in some dude's basement. You can find these bikes, look and ask around. Just make sure you got that guest bike for me dog. Don't forget the tassels and the dice on the valve stems.
-jlaix