I think need more photos.
Do I see this correctly: down tube has lugs at both ends, top tube is fillet brazed at both ends? That strikes me as... uh... odd.
I agree the paint is in lamentable condition. Lament all you want, but do not repaint. Take a look at Mkeller's thread on his Mercian, which was in similar condition, and he did an admirable job saving the paint.
Not to be picky or anything, but that looks more like a TIG weld than a fillet. And is that a crack on the head tube (on the tt weld bead)? Also, the number hanger under the tt makes me think it was custom made for a (very) tall team rider.
SP
Bend, OR