This has been posted before, too:
1971 Atala Competizione. Home respray in dupli-color cream / metallic blue, laser-printed waterslide decals.
"cheap high quality" Japanese components: SunTour drivetrain, Shimano crank/bb, Dia-Compe brakes.
CR-18 rims on Tiarga hubs with Challenge Parigi-Roubaix tires.
The fancy tires were about 25% the total cost of the bike and were totally worth it.
Just need to pick up one of the VO racks that hangs on the stem, so I can take a few small items with me more easily.