yes school lane goes down, this could be around were the tennis courts are by the cheese, thats were iam thinking anyway. you always get me thinking on these, and its far to early pablo, ive a days work to go yet...lol
The half-timbered building was at the very end of Breck Road on the corner of School Lane, which as you say is just off to the right of the picture, and facing the bottom of Church Hill. If my memory serves me correctly, it was demolished in the 1920s or 30s when the road was widened to make the bend by the Cheshire Cheese less dangerous for motor vehicles.
i used to liv on school lane (bottom bit by mosslands) this photo is taken from by the cheshire cheese pub (which would be just off the photo to the right) and the church would be directly behind the photographer
school lane would be going off at about 2:00 in that picture.
edit: and where the bus stop is by the cheshire cheese is where the lamp post is in the picture