I'm guessing that's not a cheap frame. Yeah, it's got Valentino, but the derailleur mount is integral to the dropout. 99% of all Valentino's I've ever seen use a bolt on mount. Those hubs are Tipo, very good hubs. Tipo hubs with steel rims? That's a first for me.
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Syke
“No one in this world, so far as I know — and I have searched the records for years, and employed agents to help me — has ever lost money by underestimating the intelligence of the great masses of the plain people. Nor has anyone ever lost public office thereby.”
H.L. Mencken, (1926)