Nice find!
Naturally, it'll work excellently with fantasy as well - I think it might be fun to leave the cover off and load that wagon up with a band of Wargames Atlantic's halflings... finding a driver for the halfling wagon might be something of a trick, but I'm sure it wouldn't be too tough to figure something out!
The cover does look just a bit oddly smooth and shiny, but maybe it can be improved by adding a little texture while painting? I bet one could get a lot of mileage from that old modeler's trick of moistening a paper towel or napkin with some water and white/PVA glue, and draping it carefully over the "wire" frame from the second picture so that the paper's texture and so on do their thing naturally to simulate a more realistic canvas cover.