Join Date: Apr 2010
Location: Forked River, NJ
Bikes: 1973 Peugeot UE-8, 1985 Schwinn Voyageur, 2010 Trek 1.2, 2012 Bianchi Siempre
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I believe there is a lot more mods to that bike than just a repaint. Personally, if I were a PX collector, I would pass on that bike.
That being said, I'm not sure parting it out will yield you more than good marketing of the whole. In my area - which is impacted by New York City tastes and pricing, something like that would still bring north of $200. Unfortunately, that "look-at-me" color might not work too well in the city where more bikes are stolen each day than bought.
So, I guess if it were me, I'd try selling it at the upper end, and as a non-original 531 framed bike. Its the path of least resistance, and if it doesn't bring any offers close to your asking price, you always have the option to reduce price or part out. If you start parting out, you lose any other options.
Just my humble ramblings.....