Frejus made a wide range of models, though the presence of silk tubulars implies one of the better models. Not necessarliy a track bicycle. Did you ask the simple question - does it have brakes and derailleurs - track bicycles don't. If it's either a track bicycle or one of the better road models, then it is an absolute STEAL. Campagnolo did make some cheap road components. To be safe, ask which model of Campgnolo components.
On the subject on tubulars, silks are very expensive. If they are for the track models, they won't last very long on the road. Yes, there are realtively cheap tubulars available. Many people love them for the weight and ride qualities, while others hate them for their relative fragility, difficulty to repair and cost. Much of which way you will lean will depend on the local road conditions and your weight. Personally, I've always repaired mine. It's a learning experience, requiring some trial and error, but one that marks you as a hardcore, old school cyclist.