Can you straighten a frame?

[truckerjosh]

I got hit on my Typhoon over a month ago and it now has a slow curve on it. Not sure if it'll be worth it but have you guys fixed anything like this? My sprocket is jacked though, it bends over the frame so that's toast. Rear wheel is bent too. I'd like to straighten that up to keep it because she's a 2 speed kickback and worked great.
I'm healing slowly, got a lawyer and haven't ridden since Nov 7th.

 

[Wildcat]

Hope you do well in healing and in court. Your classic American made bicycle may need to be replaced. $$

From my experience, the frame will never ride right again after it gets bent and then straightened. If it's a minor bend, maybe it can be put back, but there are enough frames just like yours that are out there for a decent price. That frame is the same on many of the Schwinns, not just Typhoon. The middleweights are all cantilever frames, 18" in size, except for a few king size frames made back in the 60's. So you can keep all your good parts and transfer them right to a good frame.
Since your wheels are probably S7, then you can get your 2 speed hub laced up to a standard 26" wheel rim and have a much bigger selection of tires. Getting a new 26" front rim will be cheaper unless you want to keep the S7 on the front. Schwinn made their rims slightly larger in diameter than a normal 26" rim so you had to use their tires only.
Your chainwheel or sprocket may be useable, but the cranks may be bent also. I've straightened out bent sprockets using a vice and a mallet.
Your best bet would be to check CL for another Chicago Schwinn bike or frame to show up.
I looked at the Vegas CL, Most want too much for them, but good deals do crop up from time to time.
https://lasvegas.craigslist.org/search/bia?query=schwinn

 

[us56456712]

I have successfully straightened at least 4 bent steel bicycle frames. Sometime just clamping a heavy straight steel bar along the bent part and leaving it works. What I do is to make a simple jig out of hardwood blocks to hold the part of the frame you don't want to bend off the floor and then use a bottle jack and another piece of hardwood pressing with the jack on the bent tube. For the dead man I use a basement beam or the bottom of a work bench to press the tubing into the floor. You usually have to slightly over straighten the tube to get it to spring back. You often need to make a U cut in a hardwood block to clear tubes that don't need pressing on, like for a bent rear triangle. Years ago I posted pictures here of my jig and press but it was on Photobucket and the pictures are now gone. If it's really twisted I wouldn't bother, make a wall hanger out of the frame. I first did this in the 1970 to a 1960s French road bike. I rode it daily into the 1980s and rode it as far as 50 miles and I could never tell that it had been bent (except for a dent). I tried it unsuccessfully of a badly bent frame and could not get it back.

 

[The Renaissance Man]

Unless you are just wanting to save the frame for personal reasons, a Typhoon frame shouldn't be very hard or expensive to replace.
However if you're up for the challenge, go for it. What do you have to loose?!

Similar to what @us56456712 described, here's some pics of the Skylark that I did last summer.