pics don't show much: it seems to have Campy DOs, but beside that, and the bling-y components, I can't tell you what kind of Italvega it is.
Is an Italvega SS conversion worth $450? Maybe: it's clearly had some $$ poured in, and perhaps this set-up is perfect for you...but I'd really want to see better pics, mainly of the FRAME, since that's the most important part.