$800 is a bit of a stretch, its more like a $600 bike +/-. As far as I can tell Waterford Paramount framesets from the late 80's are selling in the $250-300 range. The best examples of run of the mill full 600 Ultegra bikes w/o STI levers sell in the $300-400 range.
The seatpost is backwards but then again its not backwards. I'm going to venture a guess and say it flipped around for a more suitable Triathlon seating position.