repainted—more technically, painted-over—it is. i've been finding numbers of evidence as well.
quite a decent job, tho.
let me see what i can do.
as intended not too much to be 'restored', it doesn't bother me much.
(except around the DO. paint is too thick, things peel off as chunk...)

stripping off could be an option, way too much work for the purpose.
also thickness of the paint could become a real biatch.

again, the creases don't look too bad. find no big worrisome sight or sound around downtube.
let me give a try...

will keep you posted. i am still excited and happy having this frame.