Unfortunately it looks like your hubs have too few holes to work with 26 inch wheels and your cranks and forks are too short, so there aren’t many parts to take from this bike. I’d swap the stem for a wald one, put some air in the tires and sell the bike as a complete project or yard art.
This bike is probably from between 1935 and 1940,
you shouldn’t throw it away and recycle it, someone out there would be very enthusiastic to have an entry level old bike like this. I have had a few prewar 24” girls bikes and I sold them for $80 each, one is a decoration inside a restaurant and one was fixed up as a father/son project.
I guess it depends on your area . Where I'm at nobody gives a hoot about vintage bikes . They sit on Craigslist for months . I've picked up complete bikes like this for 20 bucks . I still have a Elgin and Higgins in the barn among others .