I just found out that the bike is located about 5 miles away from me and I would have the opportunity to look at it. That would solve at least some of the questions about wear and tear... As far as the frame goes, it appears to be Dodecciai Zero Tre, which is a good quality heat treated DB CroMo steel, but nothing extremely exceptional or featherweight. That would probably put it around late 90s, so the 9 sp Ultegra might actually be an upgrade.
I am not too worried about the rust, all I can see on the pictures is on the down size of the TT. I would have a chance to look and see whether there is any structural compromise. but that price (and without shipping) one will be paying for the wheelset without the cassette and the headset pretty much...