hey all,

I've been borrowing an Italian bike (without disclosing, it's a late 80's steel, chromed under paint, panto'd BB shell, fork crown, etc., fishnet paint job, etc. it's either a Colnago/Faggin/Moser, but I won't say which on here) with full Shimano 600 from a buddy for a couple weeks. I just moved to one of the major US metros, sold my commuter before I moved, and needed a whip to get around town during my job search, etc. well, the guy just asked if I want to buy it. I'm starting a new FT job next week, and it would be great to have a commuter and be able to get there in 15 minutes instead of 45 on the bus (ugh). He offered a pretty good deal, $280 for the complete bike. It fits me well, and is fun to ride. The paint is completely beat, but that doesn't bother me, and is probably actually a good thing, aka theft deterrent. and before it comes up, the seller is a stand up guy that has done me several huge favors expecting nothing in return, and has a similar rep with other folks I know.

Well, now the issue. I work PT at a local shop, and I put it up in the stand after he offered it. I found a rather large dent on the top side of the downtube near the BB shell, close enough that one of the points on the lug is just barely starting to dip into the dent. I dont see any cracks around the shell, but also didnt strip all the paint to make sure. Additionally, I checked the alignment of the frame, and it's out, to the right, about a quarter inch. How much should I worry about these things? I've been riding it for a couple weeks and haven't noticed anything, the frame feels solid, rides well, no squeaking, etc.

Some small additional things are: needs a new chain ASAP, new chainrings for sure, new headset (i have one sitting around), likely a new cassette, and possibly a new right side DT shifter (some of the indexing stops don't catch anymore). Thing is, it feels solid, rides well, fits me well, meets my criteria for a city commuter/lock-up bike (cheap, fast, agile, comfortable, not a theft target), and would save me the time of looking for a deal on CL, etc. I'd like to get it if the BB shell isn't going to fail on me. Thoughts? how much should I worry about the dent/alignment on an old steel frame? I can probably get it back in alignment, I didn't try because it isn't mine yet, and I didn't want to stress the BB shell further.

help appreciated.