I really do not see an esthetic issue with the stem like it is. Yeah it's angled down a bit, much better than pointing up in my opinion. Large frames can have a steep head-tube just as very small frames can be a bit slack. The front wheel does look a bit close to to the down-tube so I still suspect that something is not as it was originally intended. But if it rides straight and you like it I would not lose any sleep over it.

I've owned a few early 60's Legnano's, and in my size the head-tubes are very slack. I always hated the way they handled. I had one that had been crashed and the head tube was bent at least 2-3 degrees. That one was the only one I like to ride.