All I see is an Italian version of a gaspipe Raleigh Record - differentiated only by chrome lugs. I've seen enough Italian gaspipe with nice chrome lugs to avoid the red herring. Otherwise, note the cheaper-than-Chinese cotterless crankset, Valentino mechs, and what is undoubtedly a rolled steel seatpost.

Sure, it's nice, but in the hands of the right mechanic (not monkeys with tools - though the OP didn't make reference to having damaged anything yet), it'll make a good conversion. Why good? It's already spaced to 120mm, and it doesn't have an integral derailer hanger. It'll save one more NICE frame from being Drewed.

-Kurt