Update. The wheel w/o skewer is 935g. The regular record skewer is almost 100g by itself. The tube is some sort of pink butyl thing. Very light and flexible. The tire is an old michelin 20c, very cool but cracking on the sides.

As far as I can tell, and the lbs confirmed, it does have an alloy body, ti axle and ti bladed spokes. Someone spent $$$ building this.

The cassette is probably Action Tec or SRP. It's got an unusual spline pattern and I wonder if it would fit on 8 and 9s hubs.

Now I just need to figure out what to do with it!