Originally Posted by T-Mar

The tubing decal is much newer than the frame and it it's not SLX as per the decal, as the SLX tubed Loto model used fastback seat stays. This is either an Arrenacia or a Gap, circa 1984-1985, though it is most likely the latter. The definitive method to tell the difference is to examine the inside of the bottom of the fork's steerer column. A Gap with the full SL tubeset will have a Columbus steerer with 5 spiral ridges. The ridges are quite narrow and thin (3.5mm x 0.35mm) so you may require a good light (see attvhed pic). An Arrrenacia with tretubi SL will not have the Columbus steerer.

The frame is a prime candidate for a repaint. The bubbling is due to rust forming under the paint. Italian frames were notorious for their poor paint preparation and painting.

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Edit: During this period the Arrenacia used identical geometry to the Gap and even used the embossed seat stay caps. Unfortunately, the literature does not indicate what dropouts were used, though we've seen Arrenacia with Campagnolo, Columbus and Basso branded rear dropouts. We've also seen them with fully chromed forks, so this is not necessarily a replacement fork. There's a definite possibility that it is an Arrenacia. Given the fork, it can't be considered a Gap.