hipshot reply sez Atala, but what do I know
It's a very charming bike, regardless of the low-end components. They may be crap, but sure look the part! If it were mine, I'd keep that Valentino as a paperweight, remove the inner ring, build these beautiful hubs into some nice rims and screw on a freewheel for a stylish single speed. Oh, and I'd add some Bluemel-esque fenders.