Others will chime in, but I also seem to remember that Cyclart produced a decal set for the Cenutrion Cinelli with the word "Project" in it. However, yours don't appear to be applied as well as Cyclart would do it, and it's my understanding they won't sell the decals separately - you have to purchase both the set and their application services. You say the frame looks like a poorly finished Italian job; does that hold for the paint as well? Perhaps it's a respray?

Or it could simply be an early version - of what appears to have been a 1 or 2 year run.