Old Schwinn to current cheaper a new

I have a 80 Schwinn Cruiser Single Speed bike I picked up to restore.  The frame and forks are good and will be getting a fresh paint job.  The rest of the parts (bearings, bars, cranks, ect) are not in such great shape.

Pricing out all new parts, it creeps up quickly.  My alt idea for a grassroots rebuild is to get a walmart or cheapo amazon 26" cruiser (or craiglsist) and swap over the parts.  Does anyone know offhand if the bearing cups and wheel hub widths are standard sizes and still the same 40 years later?

Schwinn is Schwinn.  Their bottom crank is unique.  No cheap Chinese crap will work.

this is a 1958 scwhinn with a newer style crank and bearing cups. They don't use a special size for anything other then rims/tires on older bikes. I've used cheap Walmart cranks on several vintage bikes. Your plan is the cheapest way too make a new rider. My only advice is clean and reuse the scwhinn bearings if possible. They are alot better 

The only part you may have an issue with is making the front wheel fit. The fork drop out will either need filed open or a flat spot filed in the axle 

In reply to dropstep & maj25 :

The OP’s post is a direct copy of this post a couple weeks ago from a different user. I’m not sure what’s up, but I reported it yesterday.