I would go with a larger chainring such as a 52 tooth because the small wheels are gearing it down.It should have a tall handlebar stem so you aren't slumped over the handlebars even before you crash from having no brakes. That's all it needs to be a rider to keep in the trunk of your car. Many times I've found myself with a few hours to burn and wish I had a bike to ride around on. Even with those cottered cranks, it would be handy to have.
So, bigger stem, brakes (one speed w coaster hub) and maybe a better seat and you are good to go. If this is for sale, I would ask the owner if they have the parts they stripped off it.